Lanmar
Long

Draftkings potential H&S based on price action/structure

NASDAQ:DKNG   DRAFTKINGS INC
Based on the structure I'm seeing with DKNG I think it potentially develops an H&S construction. Whether it does or not, I think current levels are a good entry point.
Trade closed: stop reached: @30.05
Comment: I am no longer involved but the possible H&S pattern may be developing. If so, I will get back long at the right should low which should be somewhere between $34 +/- .5%. I'll update with my long entry tomorrow or next week (likely next week).
Comment: right shoulder* low
Comment: The ideal price action we want to see for a healthy build of energy is a consolidation into the 382 for about 5 trading sessions - the more the better (2 weeks please). Consolidation builds energy for big moves. Something like the chart below (but with more consolidation) would be a very high probability right shoulder low before a move into the 40s.
Comment: Right shoulder low hit:
Comment: I see two possible patterns developing for DKNG to remain bullish longer term.

1) Consolidation at / or reversal from current 34-35 level.

2) Potential flag forming on the larger time frame (if right should lows don't hold), which could look something like this:

Looking at multiple possible outcomes helps with planning execution on larger and medium term time frames.

Ask yourself what would you do if x happens and how would you react...

Comments

Accumulation phase. Mark up phase next. Would love a drop to under $30. Kudos on the chart
+1 Reply
Lanmar Chartguru1
@Chartguru1, that would be a nice r/r. Cheers
Reply
Good call on the right shoulder, jump in again around 34
Reply
Lanmar trigger1221
@trigger1221, thanks buddy
Reply
Anyone see a bounce here? What is up with the News on this? Its been interesting over the month.....I took a couple of days off and I've had a rough ride watching this go the opposite direction.
Reply
Lanmar BullforLife
@BullforLife, today's close signals caution. I'm waiting on the sidelines
Reply
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