Re-posting since TV took down my original post from yesterday.
With most SPACs we tend to see a post-merger decline as traders take profits. However, if the new ticker is a company that has tailwinds behind it then we often witness a rally after the retracement finds support. GNOG is now sitting at the 50 MA after forming a double top . There is also hidden bearish divergence between the price and the oscillators.
Catalyst Watch - Governor Cuomo has been making noise recently about how New York state could benefit from legalizing online gambling. There are rumors that this could be brought to the table for serious discussion as early as this week. Michigan might also be starting up online gambling as early as this week.
GNOG is already profitable and has a better balance sheet than DKNG ( DraftKings ). I like the 1-2 punch combo of technicals and fundamentals here.
Short term price target at $25
SL set at $17. If the price drops below will re-enter trade at 100 MA
With most SPACs we tend to see a post-merger decline as traders take profits. However, if the new ticker is a company that has tailwinds behind it then we often witness a rally after the retracement finds support. GNOG is now sitting at the 50 MA after forming a double top . There is also hidden bearish divergence between the price and the oscillators.
Catalyst Watch - Governor Cuomo has been making noise recently about how New York state could benefit from legalizing online gambling. There are rumors that this could be brought to the table for serious discussion as early as this week. Michigan might also be starting up online gambling as early as this week.
GNOG is already profitable and has a better balance sheet than DKNG ( DraftKings ). I like the 1-2 punch combo of technicals and fundamentals here.
Short term price target at $25
SL set at $17. If the price drops below will re-enter trade at 100 MA