My projection is based on previous moves from higher lows to higher highs. In an trending market DKNG moves 20-30% from the higher low to the higher high in 7-10 trading days, then retraces for 2-4 days to make a higher low. My forecast is $63+ by Sept 3rd. Buying Sept 10th ATM calls when DKNG retraces and touches the trend line. Football season will be kicking off Sept 9th which should a positive catalyst. Has no impact on my analysis but doesn't hurt to have tailwinds behind a thesis.
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Entered position today on the trendline touch. Time for take off.
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Monster move today. Took profit on half my position and bought GNOG calls. It is trading at a slight discount to DKNG and the options are much cheaper with a 9/17 expiration.
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I was off by 1 trading day, damn.