LT Swing Position for Draft Kings Inc(DKNG)
Updated
Currently, I see Draft Kings Inc( DKNG ), coming off a Head & Shoulder pattern on the 4hour, Daily and Weekly time frame. Before my further analysis, all the information will be accurate with each of these time frames. The Fibonacci levels I have marked have been respected by this chart. DKNG could be coming down into a supply zone within the ranges of $34.39-$30.75 and act as a potential support. This range could also be used to down cost average the position. If $30.75 is broken, the technical analysis is broken and the position exited. The fibonacci levels would be used for take-profit levels such as 0.786($42.87) for the first, 0.618($49.57) for the second, and so on. DKNG missed its previous earnings report(11/5/21) and could be priced in already. With the sport seasons having started, DKNG could likely react bullish on the charts with its next next earning report also being beat. As well, there have been rumors of companies such as Disney and others looking to purchase stakes in sports betting companies( Bullish for sector), with DKNG being a viable candidate and a likely one.
LT Swing Position DKNG (Shares, Possible option leaps)
Risk: 3.5/5, DKNG has yet to reverse or show any signs of reversal
*Trade with your own due diligence and discretion!*
LT Swing Position DKNG (Shares, Possible option leaps)
Risk: 3.5/5, DKNG has yet to reverse or show any signs of reversal
*Trade with your own due diligence and discretion!*
Trade active
DKNG is now in support and supply zone with strong indication of reversal!
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