DKNG has recently entered back into its long term trendline support from July 2020...
As we see, Weekly demand held very strong in the low 40 range and was instantly bought back up to over 50, from here I think we may retest the breakout and continue upwards to 61-62 at the .618 fib. This of course all depends on if we can break this old supply zone that from Dec 2020.
Usually when I use supply and demand zones, I do not chart old ones as more than not, new zones will appear but in this case...this specific supply zone seems to have been very respected over the past year so that is why I kept it charted. The .382 fib happens to be right where the supply zone starts as well, so expect some consolidation and/or resistance when DKNG approaches this zone.
Overall, I am still bearish on the market as a whole but historically, June is a bullish month so I will be looking for some more stocks to go long on!
TDLR: 53c 6/18, 60c 7/16
PT1: 53.97
PT2: 57.70
PT3: 62.22
Happy Trading!
As we see, Weekly demand held very strong in the low 40 range and was instantly bought back up to over 50, from here I think we may retest the breakout and continue upwards to 61-62 at the .618 fib. This of course all depends on if we can break this old supply zone that from Dec 2020.
Usually when I use supply and demand zones, I do not chart old ones as more than not, new zones will appear but in this case...this specific supply zone seems to have been very respected over the past year so that is why I kept it charted. The .382 fib happens to be right where the supply zone starts as well, so expect some consolidation and/or resistance when DKNG approaches this zone.
Overall, I am still bearish on the market as a whole but historically, June is a bullish month so I will be looking for some more stocks to go long on!
TDLR: 53c 6/18, 60c 7/16
PT1: 53.97
PT2: 57.70
PT3: 62.22
Happy Trading!
