DNKG has looked to have found a bottom and began reversing off the 35 price level. The lockup period ended which was the primary driver of lower prices on DKNG. Had great earnings with increasing revenue expectations which gave it this nice push. Will look for it to consolidate and push higher back towards the 56 target level.
Long $DKNG for target of 50. There's earnings in this week too, which if comes good, we could see level of 55+ next week on it.
Pick some Nov 20th DKNG 45calls, last traded on @ 1.35
I entered at $38.49 and was planning to sell at $50, but upon further review I am going to hold. It looks like it just broke out of it previous resistance point ($46.35) and is headed upwards. Looking at a Multiple time frame analysis we also just had an upwards crossover event November 17th where all of my short term MAs crossed over.
Lets discuss whats happening here:
On the 4hr:
(1) DKNG broke out of the ascending triangle and looks like its going to begin trending on an old trend line (the orange dotted line)
(2) Finally reached my first price target of $49.14
On the 15min:
(1) Broke out of the ascending triangle
(2) Resisted my first price target (aka to fill the old gap down)
(3)...
DKNG back in this channel with lots of upside room to run in, bounce perfect at my .618 ($38.54) and hit my first TP at 47.06 next TP is at 50.39.
the cup and handle is just a prediction and what i'm seeing as a possibility don't pay to much attention to it but if you think it could happen or have any other theories on DKNG's price action drop a comment.
My...
DKNG has finally reclaimed my overall channel. Right now i can see a bounce at $47 (.618 fib) and we bounce to see 51 if we carry the momentum we have for the rest of the week. Volume is great, over 20 ema so i can see 51 by end of the week. If it can Hold above $47 overall move is back to $55. Under 46.50 i can see next bounce around 44 and possibly fill that gap...
$DKNG has gone thru some ruff times. They had a secondary offering that did not do well the first week of October. Shares sold off hard for about 3 weeks. Then insider(s) bought 6,922,455 shares between October 23 thru the 26th. Earnings came in lower than expected and of course sports betting is down because of COVID... However, the stock has held up well after...
Looks like the stock will break above the 50MA today and open
up the possibility of a nice rally to the $53.00 region.
Volume rising
Analysts upgrades
Indicators bullish
Lots of chatter after earnings revealed the major rise in users over the last quarter. Charting out a potential path using Fibonacci Extensions and Basic Fibonacci tools suggest the .618 (near its current area.) can make its way up to the 1.618 zone (near 96-100 area.)
Of course the path to new ATH’s aren’t as simple as a straight line, but I’ll be looking at...
Again, playing around that 44/45 price zone, I'm confident once this level is broken it'll retest then move its way to 55/60 price point by February 2021.
