Back in March when the pandemic was first breaking out globally, its share price has once tumbled to $1, as everyone thought there would be no sport matches and people would have less money to gamble. There were indeed much less “games” during 2020, however the company strategy of expanding into the US has yield beautifully as the US market was relaxing their restriction on online sport bettings…and would be even more so in 2021.
Was 2020 presenting the best sentiment for Pointsbet to operate? - Absolutely NOT.
Will 2021 be a much better year for Pointsbet? - ABSOLUTELY! Especially with the vaccine coming in most of the developed country, sports games would start to return to normal, the opportunity ahead for PBH would only be much more compared to that in 2020.
ON technical side, PBH stock price had a huge jump in August when their partnership with CNBC was announced. Its trading range has been contracting ever since, forming at least 4 textbook style VCP from Sep to Dec with shrinking trade , not to mention a huge sharp has been formed and all the MA lines are now consolidating at around $12 range waiting for the next catalyst to breakout.
I am seeing an excellent risk reward ratio with investing into PBH , taking its 100MA as cut lost and looking for huge upside to challenge its 52 week high at >$15 range within the next 3 months.
disclaimer : currently having a position in PBH and will be holding for at least another 6 months.