DraftKings Share Price To Reach $50?

DKNG stock price has turned out to be a multi-bagger stock adding 62.71% to the portfolio of their investors in the past 6 months. The stock also has been very fruitful for short-term investors, gaining 22.5% in the past 3 months.

The price has been volatile on the charts in August due to the quarterly results. The stock price hit a high of $34.49 at the beginning of August month. Thereafter, the price declined. However, it got the buyers back near the previous breakout zone and the price recovered from a round level of $25.

The daily chart shows that the price has been inclining continuously after the rebound from the support zone. The price has surpassed above the 50-EMA indicating the buyer’s domination in the market at the moment.

The Analysts offering a 1-year price forecast for Draftkings Inc. have a max estimate of $44 and a minimum estimate of $22.50. DraftKings Inc. Ltd. (NYSE: DKNG) is a digital gaming and sports entertainment company engaging in the provision of online sports betting. Online casino, digital marketplace, etc.

DKNG stock option-chain analysis states that the current implied volatility in the market is 45.54% with an increment of 0.37% in the last trading session. The at-the-money strike price has 811 open contracts on the put side and 2215 open contracts on the call side indicating the presence of sellers at the current level. The PUT/CALL ratio is 1.04 indicating a neutral sentiment in the market as per the data.

DKNG Stock Price Forming A Channel Pattern Over The Daily Chart

Currently, DKNG stock price is trading at $30.37 and inclining to surge above the previous swing high of $34.49.

Analysts say that the price trend is bullish in the short-term as well as long-term. However, the option chain data shows the dominance of sellers at the $30 level which indicates that the price might need to consolidate and gain more buyers to move further.

Also, the daily chart shows a bullish flag pattern, the breakout of which, price may gain momentum to break above the recent swing high. The long-term outlook of the price trend is positive.

The Technical Indicators Showing Strength Over The Charts.

The daily DKNG stock price chart shows that the price is trading above the 50 and 200-day EMA which shows long-term bullishness in the stock. The overall technical opinion rating including RSI and MACD is an 80% buy with an average short-term outlook on maintaining the current direction.

Conclusion

DKNG stock price has been a great investment, gaining 62.71% in 6 months and 22.5% in 3 months. It has been volatile in August due to quarterly results, but it has rebounded from the $25 support zone and is now above the 50-EMA. Analysts have a maximum estimate of $44 and a minimum estimate of $22.50 for the next year. DKNG is a digital gaming and sports entertainment company. It is trading at $30.37 and aiming to break the $34.49 high. Analysts are bullish in the short and long term, but option chain data shows sellers at $30. The daily chart shows a bullish flag pattern that may lead to a breakout. The long-term outlook is positive.

Technical Levels

Support levels: $26.50 and $24.09.
Resistance levels: $31.78 and $34.45.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.