DKNG Oversold?
DKNG has suffered from massive selling. The stock fell from its highs of $65 in September, to about $50. It consolidated for a month in a parallel channel and then broke below. Measuring the downside move from the bearflag/ABC pattern places DKNG at current levels ($35). We are currently sitting at a support level that was created back in October/November of 2020. Additionally, RSI reads that we are overextended to the downside. The last time we had a reading this low was at the same support from Oct/Nov. DKNG bounced about 40% from those lows. If we begin to close above this steep downtrend channel that we are in, we could look for a retest of the 0.618 fib level which happens to be around $40.
Ordre annulé
Looks like this never broke significantly above the channel so no trade was taken.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.