DKNG Stock Price Prediction: DraftKings Undergo Bullish Breakout

• DKNG stock price action nears a breakout in the pennant formation.
• Price may retrace from support of $16.60.
• DraftKings CEO’s total compensation tripled for the year 2022.

DraftKings Inc revealed CEO’s total compensation to triple, in response to which DKNG stock price hints at a bullish breakout. The proxy statement was filed with the Securities and Exchange Commission, which included details of executive compensation. The statement revealed, Co-founder and Chief Executive Jason Robins’s total compensation in 2022 was $47.47 million, up by more than 200% from his previous compensation of $14.03 million.

DraftKings filed the statements which included several other pieces of information as well. Under “all other compensation,” the statement shows Robin receiving $2.3 million in 2022. The same category included $131,607 for Super Bowl expenses, representing the purchase of game-day tickets, special events, travel and accommodation for Mr. Robin’s family members. It also included other items like, security cost, flight charge, tax planning cost, tax reimbursement received and match expense, adding up to $2,170,833.

A similar rise in compensation in other executives’ compensation was observed, which amounted to a triple-digit rise for each. The increment in compensation painted a positive picture for the investors, forming a possibility of a bullish breakout for DKNG stock price.

DKNG Stock Price Analysis

DKNG stock price forms a pennant pattern and nears a breakout. The price may take support at $16.60 and bounce to reach higher price levels. The volume, on the other hand, shows minimal volatility from both buyers and sellers. DKNG stock price faced rejecetion earlier at the distribution zone, but the projected rally can find a spot beyond that region. 

The DKGN stock price can retrace from the support zone. The RSI moved along the half line to indicate a neutral market for DraftKings. The MACD moves closer to a convergence, indicating declining sellers’ influence in the market. Bullish indicators suggest a robust rally for DKNG stock price post-breakout. 

Conclusion

DKNG stock moves closer to a bullish breakout. The statement filed with SEC revealed the increments in executives’ compensation, when compared to previous year’s pay. The optimistic outlook created by this disclosure, favors investor interaction and pushes DKNG stock price towards an uptrend. The holders can rely on the support near $16.60 and wait for the break out.

Technical levels

Support levels: $16.60 and $15.00

Resistance levels: $20.00 and $21.40

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 assets comes with a risk of financial loss. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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