Sports-betting stock DraftKings doubled between last November and March. Now after a long pullback and consolidation, prices are trying to climb again.
This chart shows how DKNG made a small jump following a strong quarterly report and guidance hike on August 6. It initially hit resistance at the 200-day simple moving average (SMA), but proceeded to break out about two weeks later.
Second, notice the succession of higher lows since July 2020. This shows ongoing acceptance of continuously richer prices. The weekly chart also highlights the fast rebounds after the drops, revealing potentially eager buyers:
Third, the 50-day SMA has turned higher and is approaching the 200-day SMA: a looming “golden cross.” That could suggest DKNG’s longer-term trend is turning bullish again.
Finally, the recent jump may be followed by a deeper pullback before the buyers jump in again. Traders may want to watch the mid-August high around $54.70 or the June high around $56 as important levels.
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This chart shows how DKNG made a small jump following a strong quarterly report and guidance hike on August 6. It initially hit resistance at the 200-day simple moving average (SMA), but proceeded to break out about two weeks later.
Second, notice the succession of higher lows since July 2020. This shows ongoing acceptance of continuously richer prices. The weekly chart also highlights the fast rebounds after the drops, revealing potentially eager buyers:
Third, the 50-day SMA has turned higher and is approaching the 200-day SMA: a looming “golden cross.” That could suggest DKNG’s longer-term trend is turning bullish again.
Finally, the recent jump may be followed by a deeper pullback before the buyers jump in again. Traders may want to watch the mid-August high around $54.70 or the June high around $56 as important levels.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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