Here’s the score on Draft Kings $DKNG – October 18, 2023
This is Scott with your Chart of the Day. I want to take a look at DraftKings ( NASDAQ: DKNG ).
DraftKings ( NASDAQ: DKNG ) is holding up relativity well. You can see how it is in and around a bunch of key moving averages here. If you have seen my videos before, you know that I love when stocks are in and around key moving averages. This stock is in and around the 8-day, 21-day, and the 50-day and it is still above the 100 EMA and the 200-day.
I like the fact that it is holding up quite well, and I have a bet, pun intended, that this stock could be a buy if it can break out of this clear downward-sloping trendline of resistance. You can see how this clear level has been resistance, resistance, resistance. And this upward sloping trendline has been support, support, support.
It is really tightening up here. And I think if you have an alert on this stock on this trendline, maybe for a move through 30.70, that could be an interesting buy opportunity. If it can get above that level, stay above that level, and ideally do it on higher than average volume.
So I am going to set an alert on my software and another line, right there, just under that 30.70 level, and look for a strong move through that coming-on volume.
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