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Breaking Down DKNG Stock: Can the Momentum Continue?

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All right, so welcome to another stock spotlight where we kind of stay focused on a specific stock. So in this video segment, what we’re going to do is we’re going to take a look at DraftKings, and DraftKings has been doing phenomenal over the last little bit (DKNG).

If you also take a look at a ton of different news and things that have been popping up all over the place, yeah, it seems to look pretty good.

Movers and Shakers

So, if we go in and actually just look at just the movers and shakers with DraftKings, you got PAN and GM, LVS. They’re all doing fairly well. And if we bring up kind of the big board, a lot of these companies have been doing pretty well recently.

We’ve got the tech stocks – Google, Microsoft, and Tesla – today are actually doing quite poorly compared to DraftKings, MGM, and LVS. So you can see they’re actually doing a lot better on the other gaming companies, so to say, than the tech companies.

DraftKings’ Performance and Chart Analysis

When we look at DraftKings, you can see it’s powering higher here recently, and the volume is picking up speed. So there are a few things that interest me in this company.

First off, let’s go back and look at the monthly chart.

Monthly Chart Analysis

So we had some highs back here in the 60s, and the stock came in, and then we had a big sell-off coming down. We based that around 11, so that held that support, and now we’re coming back into this 30 range, so it’s about a halfway point.

But the steam and what’s happening is we are picking up some speed on that move. So we’ve got a nice solid base of support, so that looks pretty good. We’ve got an upward trend line that also looks pretty good.

We’ve had this resistance line that also got broken in around that area that’s on the weekly chart.

Daily Chart Analysis

Now, if we zoom in a little more into the daily chart, when you start looking at this, you’ve also got this resistance line right there that also is now starting to break for some further move.

And if we zoom in even tighter and just to stretch out the volume, what you’ll see is this volume also picking up some speed, not huge or anything like that, but it is picking up a little bit of speed.

So I will point that out.

Potential Concerns and Future Outlook

Okay, so the point being here is the stock’s doing quite well, the run is doing quite nice. It’s moving well, it’s behaving well.

Now, a little bit of concern for me is, is this stock stretched temporarily, and that could be an issue where it could pull back a little bit, even if it comes back down and then maybe powers higher, that is possible.

And of course, there’s always a possibility that you have to look into. Stocks don’t go straight up. So for the moment, it’s been doing well, it’s acting and behaving well, but you’ve got to have a strategy in place if we get a slight little pullback in there.

Resistance Levels and Potential Profit-Taking

Other than that, that 10-11 range has been kind of a nice baseline. You do have quite a bit of resistance around that 60 level.

I don’t know if it’ll really get there. I think you’ll also have some trouble around the 40 range because that’s where we had some of the basing in the past, and I think some people will probably take some profits. But other than that, the stock looks good, looks pretty healthy, and overall has been doing quite well.

Even today, what you’re seeing is a nice seven-dollar move compared to other stocks like Microsoft. It’s down seven bucks or down two percent, whereas this one is still powering higher.

Conclusion

So anyways, I hope that helps. Truly appreciate you sticking with me and enjoying the videos, and I will see you in the next video and episode. Thanks and take care.

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