By Mill Chart
Last update: Dec 26, 2023
Our stock screener has detected a potential breakout setup on DRAFTKINGS INC-CL A (NASDAQ:DKNG). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:DKNG.
Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.
We assign a technical rating of 8 out of 10 to DKNG. 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.
In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:DKNG has a 8 as its setup rating, indicating its current consolidation status.
DKNG has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. We notice that large players showed an interest for DKNG in the last couple of days, which is a good sign.
For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.
More breakout setups can be found in our Breakout screener.
This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.
DRAFTKINGS INC-CL A
NASDAQ:DKNG (4/26/2024, 7:00:02 PM)
Premarket: 43.4 +0.27 (+0.63%)43.13
+2.04 (+4.96%)
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