DKNG Showing classic MM trading templateMark Minervini's trading template in action can be seen in the DKNG chart. Please study this to improve your skills.
0ABA trade ideas
DKNG (Long) - Double bottom on a weekly; breakout from a baseFundamentals
Draftkings is not the best buy from a fundamental value as it is currently unprofitable, and according to analyst, it is about to stay that way for the next 2-3 years
However, it is showing a robust growth with the earnings expected to grow almost 70% next year
Unprofitable companies are also likely to start profiting once interest rates start to go lower from the impending recession
It is important to stay cautious with high-beta stocks like DKNG as they can also be hit by the recession. Therefore there is a real need for prudent risk management
Technicals
Technicals are looking really solid
On a weekly, the stock formed a double bottom at the all-time low
The stock price created a solid base from which it is just breaking out
The RSI is creating a base near 60 level and looking like breaking higher; MACD has just entered positive
Trade
The stock just started breaking out from a lovely-built base
However, the stock market seems to be having a pullback which might last for another week or two, creating headwinds for DKNG
Moreover, there is a very important FED meeting next week along with a CPI print
Therefore, I would wait for the price action in the market to play out and wait for the data to come out and once the air is clear and in line with a thesis for growth stock, I would jump on the DKNG train
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DKNG Long Continuation TradeDNKG has an uptrend from a triple bottom in mid-March. As shown on the 2H chart
volume especially buying volume is increasing while on the RSI indicator, relative
strength is rising confluent with the price action. This looks like a quality swing
long setup during the NFL draft and upcoming playoffs in professional hockey,
basketball and baseball potentially boosting earnings The stop loss here would
be $ 0.05 below the previous high of the year in February since price is now above that
support. Targets are the highs of February 2022 and then the distant final target
is the neckline of the 2021 head and shoulders pattern ( all time highs ).
DKNG nice revival great recover from lows , is a healty up trend whit potential to increase in value
DKNG - breaking out form base DKNG has been forming a (double dip) base for almost a year now, ticking off a number of criteria that could increase it's odds of being a successful medium term trade going forward:
1. Series of higher hi's (HH) and higher lo's (HL) since hitting the low on 28 Dec2022.
2 Golden cross on 28 Feb2022
3. It's 200 day MA has begun to turn up
4. Every dip (since hitting the low in Dec) did not violate it's 50 day moving average, signs of strength.
It just broke above the base formation neckline (on average volume however) last Friday. It is possible for it to slip back below this neckline in the near term. I will be interested to stake any dips going forward (provided the dip is within 50% fib retracement of it's most recent mini upswing).
Earnings is expected on 5 May hence do be mindful of volatility around then.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
Long Trade in DKNGThe leisure gaming group, as a whole, is setting up in a textbook breakout pattern.
Group moves like this can be powerful. The combination of a group move and a similar pattern from an individual stock within that group can lead to a strong advance higher.
DraftKings is breaking out of a clean base in the beginning of a new Stage 2 uptrend.
If you look at a daily chart, you'll see the stock is up 13% this week but running into longer term resistance.
Ideally, DKNG would consolidate for a few days in the HKEX:21 - HKEX:22 range to absorb any supply from sellers looking to exit near 52-week highs.
There are 2 places I would consider buying this stock…
First would be a breakout to new highs above HKEX:22 on above average volume. This would signal to me that funds are still buying heavy, and I would want to be along for the ride.
The other potential buy point would be a pullback into the moving averages and this week’s breakout area.
At HKEX:19 - HKEX:20 a share, I would be a buyer in DKNG with a sell stop just beneath the 50-day moving average.
DKNG SHORTDraftKings is trading at the $21.20 - .30 level! This is the resistance zone that held the stock since March 2022. In order to break through this line, we will need much more movement much more optimistic economic news! Which I don't really see at this point. Reasons to short:
- Currently, at the resistance zone, every time it touches this line moves down hard. I am not seeing it will move HKEX:5 or more, right now I am seeing the HKEX:20 - HKEX:19 range to find support.
- At the 4H chart, you will see that DKNG is trading at an overbought level (RSI 74), DKNG is the kind of stock that really respects the overbought and oversold range.
Given 2 major resistance and overbought for DKNG expect to short.
Draftkings looking readyWeekly chart showing signs of possible breakout. Looking for an increased volume week here and a push above the 3 month high.
Draftkings loooking pretty good $DKNGNASDAQ:DKNG
Just the Chart
taking a look at DraftKings here on the daily and its looking pretty good for some upside potential.
if it can break out of that 21 range we could be looking at massive upside
this isn't a name I would normally trade but i will be adding it to my watchlist as it looks like we could be in for some good price action soon
Draftkings This is gearing up for a huge move. It’s been slow and boring for a while but actaillt holding up stronf. After breakout of large downtrendinf riwstance around earnings we failed a double top but the stock is resilient and doesn’t want to drop. The bulls are holding 17$ area and hienstly the reward seems greater here to long with a stop below 16.50s
Target is 28$ could be a bullflag. Obvisouly 19.50 hold could be a more convincing long and we could wait for that entry as well but this is gearing up for a big move and my thought and thesis is to the upside here soon. As long as we remain above 16.50 this is getting ready for blast off.
DKNG1Y
RSI is falling.
MFI is dipping down.
5Y
RSI hasn't reached oversold yet.
MFI has been declining since 2020.
Prediction: It will fall. I see a gap around $10 and believe in will fall near that price. On a much larger scale (on 5Y), I am seeing a big head and shoulders. I wouldn't say it is a perfect head and shoulders, but it is rough.
For my educational purpose, not to be used as financial advice.
Draft kings super bullish Every time frame draft kings is above key support levels based off of moving average 10,12,40,50 moving average monthly weekly daily charts. Momentum still way oversold along with strength. I see draft kings 2-4x from here. I’m going to start large position in morning with stop limit below daily 10ma
DKNG: Looking into the possible scenarios by Dec 2023Despite the fact that DKNG stock's price has bottomed, the path toward higher levels seem to be challenging. In short-term stock is facing big hurdles around 23 and 23.5 and there is possibility of major pull-back around the resistance zone.
Key support is seen around 15.15 which is expected to be maintained throughout the first half of 2023.
If price holds above 15.15, the base case scenario includes a rise in price toward 26 and 27.5.
DKNG SHORTNo need to overcomplicate the chart for DKNG. Obviously had a great run but now it is at an overbought level, and as you can see on the chart, every time it goes above RSI overbought level it goes down every single time!
Reasons to short:
1. Overbought needs to go down and find a support
2. Currently trading at resistance line (red) as long as there is no significant announcement or ER numbers to push the stock above that it's hard to break!
3. Current market condition, because of solid job market data, higher than expected inflation data the market expects the fed will raise the rate even higher.
The following support will be at 200 MA (blue line).
DKNG DraftKings Options Ahead of EarningsLooking at the DKNG DraftKings options chain ahead of earnings , I would buy the $17.5 strike price Calls with
2023-6-16 expiration date for about
$2.04 premium.
If the options turn out to be profitable Before the earnings release, I would sell at least 50%.
The longer expiration date will give me some room in case I'm wrong.
Looking forward to read your opinion about it.
February Gainers (DKNG, account up 1%)3rd gainer in February is NASDAQ:DKNG . Holding period is 35 days (1/13/23-2/17/23). Account up 1%.
This month till today, my account is up 3%, average holding period is 75 days.
My trading method is mostly short term and is independent of market swings.
Will keep updating on my trades.
Draftkings Looking primed! Ascending triangle building. If we can close above 18.11 this could be a nasty trade. As this pattern builds we could see support at 16.10s reistance at 18.10s. Looks to have broken a large downtrendinf reostance at 17.50s. Biggest support on a big down move is 15.75. Howver I’ll be watching for a breakout king above 18.11s or pop if that and retest of 17.90 as new support. That could be the entry if that holds
First tarhet 19.20
Second target 20.20
Third target 21.60
4th is 34$
DraftkingsBased off this large decesninf trinagle DKING has ripped to the downtrendinf reostanxen what we need to see is support and closes above 17.45. This could give us the breakout signal to launch us higher. Curently we seem to be flagging under it after the first rejextion off it. Key level to watch for a breakout trade. No need to rush. The stock will show us it’s ready soon if we fail then 15 could be a great support
17.36 is the .5 fib which is where we are struggling to flip to support curently. That could be the level. Above that is 19,20.30 and 21.50
DRAFTKINGS CHARTWith DKNG earnings coming in 3 weeks weeks 2/17 currently above trendline looks like rising wedge.
Price target 17.5-20.00 Swing play
DKNG Institutional bottom buyer?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!
Draftking - Bullish return is likely After a period of accumulation in July, the corrective downside after the peak seems to be corrective.
Piercing line candle was seen hovering above the key support at 13.50. There is a short-term potential upside towards 15.45 as the first target. Long-term support remains at 11.74-11.10.
DKNG Short on Daily 2-2 RevDKNG has a nice 2-2 Rev on it that will trigger the flip of TFC on the weekly to give full TFC all the way to the monthly lining up. Looks like a good daily play for smaller accounts looking to grow with minimal financial risk.
