Before going to technical part of the story, you may want to check-out this quick read with highlights on David Katz (analyst from Jefferies) putting $28 target in next 12 months.
Currently, the stock is hovering at key level 15.5 (YTD fib 0.23 and also IPO open). I expect it to wiggle around this level before breaking the downward channel from the peak reached right at the end of 2020. Double-bottom pattern also suggests a bullish case.
With Draftkings being predominantly in the space in prior months, I believe this play worth trying a bet.
This is my personal opinion. I'm in with small position of 200 stocks; and will add-on the size as soon as the downtrade is broken.
Please do your own research before considering to entering this stock and I'd appreciate you sharing your opinion.