There looks to be another leg lower coming for $DKNG (which to me would be the capitulation leg).
I think the bottom would be somewhere between $3.93 and $5.92 -- at the bottom of the blue channel.
After we get the drop, that's where I think there's a good opportunity to buy. If you're currently long, beware of potential for a large drop. Set tight stops.
Good luck.
Draft king is a fairly new player on the market through a SPAC merger with Diamond Eagle acquisition corp, and it's an American sport betting operator and it even allows users to make bets on players' performances in all major sports.
In the list of investors, we can find names like the legendary Michal Jordan who is acting as a board advisor for the company as...
$DKNG has traded back into its 9 months trend channel zone, breaking above its 50DMA. At the current junction, $46.25 price level would be acting as its immediate support resistance; coinciding with its 50DMA.
The first major price resistance hurdle to clear is targeted at $55 range gap, before a breakaway acceleration towards its all time high level at $64.20.
DKNG has had a nice run up the last 3 days completing its wave 5 extension.
With RSI over extended its retracement point looks at about $36 at the 61.8 Fib
Stop is a close above today's high at $37.5
DraftKings is an American daily fantasy sports contest and sports betting provider. The company allows users to enter daily and weekly fantasy sports–related contests and win money based on individual player and team performances in five major American sports (MLB, the NHL, the NFL, the NBA and the PGA), Premier League and UEFA Champions League soccer, NASCAR auto...
