By Mill Chart
Last update: Oct 18, 2023
Our stockscreener has identified a possible breakout setup on DRAFTKINGS INC-CL A (NASDAQ:DKNG). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:DKNG for potential opportunities.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
Taking everything into account, DKNG scores 7 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.
Our latest full technical report of DKNG contains the most current technical analsysis.
ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:DKNG scores a 8 out of 10:
Besides having an excellent technical rating, DKNG also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 29.53, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.
One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.
Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.
Our Breakout screener lists more breakout setups and is updated daily.
This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.
DRAFTKINGS INC-CL A
NASDAQ:DKNG (5/29/2024, 7:00:02 PM)
Premarket: 35.91 -0.05 (-0.14%)35.96
-0.65 (-1.78%)
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