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DraftKings Could Double In Price

#DraftKings today announced the upcoming launch of its mobile Sportsbook and Casino app for January 22nd.

Fans in the Great Lakes State can soon place bets on their favourite leagues and teams through America’s top-rated sportsbook app as well as play a variety of iGaming options such as blackjack, roulette and slots.

The launch of DraftKings Sportsbook in Michigan follows an expansive year during which DraftKings broadened its national sportsbook product footprint to include Colorado, Illinois, Iowa and Tennessee.

Upon successful launch on Friday, the company will be live with mobile sports betting in 11 states, which is more than any other company in the industry.

While many technology stocks are riding at all-time highs, many other names have actually seen substantial corrections in November and December while the broader markets (and especially smaller-cap names) rallied.

One high-flying, popular name that I like is DraftKings (DKNG).

The leader in daily fantasy sports and an emerging star in sports gambling has fallen more than 25% over the past several months, with a ~15% decline over the past few weeks alone.

Yet in spite of these declines, news flow out of the company has been tremendously positive.

DraftKings closed down -2.410 at 51.290. Volume was 34% below average (neutral) and Bollinger Bands were 32% narrower than normal.

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the bullish or bearish trend reflected in the lower ribbon.

Summary

DraftKings is currently 31.2% above its 200-period moving average and is in an upward trend.

Volatility is relatively normal as compared to the average volatility over the last 10 periods.

Our volume indicators reflect volume flowing into and out of DraftKings at a relatively equal pace (neutral).

Our trend forecasting oscillators are currently bullish on DraftKings and have had this outlook for the last 1 periods.

Overall, the bias in prices is: Upwards.

A black body occurred (because prices closed lower than they opened).

During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles.

During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.

Three black candles occurred in the last three days.

Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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