anticipation of more lockdowns pushing dkng share price lower?
joe biden said if he gets in he will do another lockdown. i dont think he is lying. with inaguration day coming soon and no convincing signs that trump will stay in office, its looking more and more like biden will get in.
dkng is highly dependent on sports obviously, and if the lockdown gets confirmed this thing is gonna sell off hard.
from a technical standpoint it looks like there may be some underlying weakness. the breakout from last week has been completely faded over the course of this week. we have an ascending channel/wedge and the chances are that it will break down and the daily macd is curving lower, not sure if it will start selling off again, but if the channel support doesnt hold, i will be entering short. if we break below the 50 and 20 day moving averages (white and gold), we will probably see a significant second leg down. also, we have possible hidden bearish divergence on the daily macd.
there is a bull case to be made however. we are still in an uptrend on a macro level and on an intraday level, and it looks like we may get a bull cross of the 50 and 20 day soon if it can continue going higher.
could still be bullish, but there is a bigger, stronger bear case to be made here.
dkng is highly dependent on sports obviously, and if the lockdown gets confirmed this thing is gonna sell off hard.
from a technical standpoint it looks like there may be some underlying weakness. the breakout from last week has been completely faded over the course of this week. we have an ascending channel/wedge and the chances are that it will break down and the daily macd is curving lower, not sure if it will start selling off again, but if the channel support doesnt hold, i will be entering short. if we break below the 50 and 20 day moving averages (white and gold), we will probably see a significant second leg down. also, we have possible hidden bearish divergence on the daily macd.
there is a bull case to be made however. we are still in an uptrend on a macro level and on an intraday level, and it looks like we may get a bull cross of the 50 and 20 day soon if it can continue going higher.
could still be bullish, but there is a bigger, stronger bear case to be made here.