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DraftKings (DKNG) Stock Analysis

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so in this video, we’re going to take a look at DKNG or DraftKings. I’m going to give you a chart analysis of the technicals as we get into 2024.

Market Overview

Now, 2024 has started out with some selling pressure right off the gate for the first couple of days. I think there’s probably some rotation going on, people changing positions, and maybe restructuring things for the next year ahead.

Position and Capital Management

With that being said, remember, it’s not as important when we look at technicals, even though we do look at technicals. The more important thing is always to look at position management. So, watch your positions and watch your capital that you deploy in any position. Because you could go ahead and put tiny little positions all over the place, and then you’ve got one big position, and all your tiny positions win, but your big position lost. So, all of a sudden, you’re in trouble. It’s not necessarily all about the technicals; it’s more about position management and capital management.

DraftKings Analysis

Anyway, with that in mind, let’s go ahead and take a look at DraftKings.

Historical Trends

When we look at DraftKings, one of the things that I like looking at in this chart example is around July to November. We had a pretty solid sideways consolidation area, so this trend did fairly well sideways, and then we had a nice breakout right at the beginning of November. That move was a pretty good one, and you could make your living just playing and trading little moves like this. You don’t have to have stocks appreciate from the lows all the way to the highs or catch the big winners. You could make a full living just trading little multi-day moves like this.

Current Status

Anyway, with that in mind, that stock got into about $40 a share right around that $39 level and had some resistance. You can see the compression there going on with the bars, and then the stock started to roll over. Now, the last couple of days, since we had some selling pressure, we’re coming right back into that breakout level. So, watch that breakout level because you’re right there at that support level. If we do break through this level, you could come back into this $26-$27 level, and now you’re back into this sideways consolidation area that you had before. This is what I would watch for at least from a recent-term perspective.

Longer-Term Perspective

When we look back to a weekly or a monthly basis, the stock itself is kind of new to get a longer-term perspective. In that regard, but from a weekly basis, yeah, you do have some bottoms around 11, and you also have some upward movements here where the stock kind of based. There are a lot of lines that you could draw, but really what I would watch is the sideways action because you’re hopping from one support to the next and maybe to the next one at $40 if it would have broken past there. If we can hold and sustain that, like what we did here before, that should be good. But if not, then you’ll get back into those price levels where you’re going to digest and move sideways. Remember, they could clear just like over here; it could clear and go under here and get back above. So, give it a little bit of wiggle room if you’re patient enough; that would be kind of the smart approach.

Conclusion

Anyways, that’s all I’ve got for you. So, I hope that helps. Thank you so much for joining me. Don’t forget to check out the website, and I will see you in the next video update.

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