Credit goes to u/AllDatDalton for bringing this under my radar, he's got a Twitter somewhere I think.
There is what seems to be bullish UOA. A reminder that options volume can always be institutions hedging, positions rolling, or just overall sentiment. But it can be sometimes insiders and Whales making a big bet.
Currently, the market looks rather bearish even with the recent passing of Stimmy. Bonds and treasury yields, inflation, job numbers, all the fun macro level stuff. I'm expecting a dead cat bounce or bull trap. The market doesn't do these kinda drops and be making new ATH the next week lol. Stairs up, escalator down, when things drop, they drop hard and fast. Somehow, physics exist psychologically in the market too.
Now to DKNG, I think it can hit around $50-$52, which are my blue and yellow trend lines. Stocks have been crashing down through all the supports and trendlines, but I hope $50 will be a strong psychological barrier. I'm not going to get too deep into the fundamentals of sports betting and DKNG, but every time I watch UFC, I see that they're sponsored by DraftKings. Cmon who doesn't fucking love gambling. Legalization is happening.
On the 15min MACD & TTM look like a top. RSI levels correlate roughly with February levels last time it sold off. 1Hr might be a crossover, with RSI bouncing off 30. TTM also looks like it's about to go green. Almost the same on the 2Hr. For these reasons, I will be trying to get some 3/12 or 3/19 calls.
3Hr and up looking like DKNG can sell off a little more.
Tbh anything under $60-$55 range is pretty good entry for the long term imo.
I'm expecting a short rally in the short term, followed by more selling off. It's very possible that $54 on March 5th was the bottom, but who knows. If I don't get calls on my limit order, I'm okay with not making money on this play. It's better to not make money than potentially having your calls shrivel up and die.
There is what seems to be bullish UOA. A reminder that options volume can always be institutions hedging, positions rolling, or just overall sentiment. But it can be sometimes insiders and Whales making a big bet.
Currently, the market looks rather bearish even with the recent passing of Stimmy. Bonds and treasury yields, inflation, job numbers, all the fun macro level stuff. I'm expecting a dead cat bounce or bull trap. The market doesn't do these kinda drops and be making new ATH the next week lol. Stairs up, escalator down, when things drop, they drop hard and fast. Somehow, physics exist psychologically in the market too.
Now to DKNG, I think it can hit around $50-$52, which are my blue and yellow trend lines. Stocks have been crashing down through all the supports and trendlines, but I hope $50 will be a strong psychological barrier. I'm not going to get too deep into the fundamentals of sports betting and DKNG, but every time I watch UFC, I see that they're sponsored by DraftKings. Cmon who doesn't fucking love gambling. Legalization is happening.
On the 15min MACD & TTM look like a top. RSI levels correlate roughly with February levels last time it sold off. 1Hr might be a crossover, with RSI bouncing off 30. TTM also looks like it's about to go green. Almost the same on the 2Hr. For these reasons, I will be trying to get some 3/12 or 3/19 calls.
3Hr and up looking like DKNG can sell off a little more.
Tbh anything under $60-$55 range is pretty good entry for the long term imo.
I'm expecting a short rally in the short term, followed by more selling off. It's very possible that $54 on March 5th was the bottom, but who knows. If I don't get calls on my limit order, I'm okay with not making money on this play. It's better to not make money than potentially having your calls shrivel up and die.
