DKNG met a long monthly down trend after a 250% rally from its lows and closed with what looks like a reversal pattern on the daily chart.
Weekly THV is flat and Red as pricing continued to climb into the trend creating bearish divergence.
Does Draft kings head back to $20 to meet the weekly coral or will it break out and head to $40? Time will tell.
I'm...
Risk cancellation happens when you have an unrealized gain that can cover the risk you set for that particular trade.
It can also be a situation where an open position is on the winning side and just waiting for a trail stop/target profit to be executed.
In those situations, set your stops at breakeven.
Risk cancellation may give you more room to add...
Notes:
Price overshoots from BB by 5% (near major resistance)
Fake Out
Re-breaks after a consolidation with KCBB eclipse
Entry on rebreak
Exit on measured target
As always, this is just my personal opinion on the stock, It is not a recommendation to buy or sell. I am solely laying out what I see and how I plan to trade it. Good luck!
Play the earnings runup on 2/25.
Cup with a Handle, with a breakout at $55+.
Put an alert on your Tradingview!
Happy Trading, from CJ -- aka the greatest FURU.
To find out more about The Ultimate Stock Indicator on Tradingview, please check my public profile.
Trade update - Amazon, Apple, Draftkings
Amazon - critical level - do or die moment
Apple - critical level - do or die moment
Draftkings - be patient for a good entry
