Wednesday, September 22, 2021 1:53 PM EDT
Leading online fantasy sports and gaming company, Draftkings Inc (DKNG), has been falling sharply over the past couple of weeks. The popular stock made a recent high pivot on September 8th, 2021 at $64.58 a share. Since that minor peak, the stock has fallen to $51.57 a share this morning. There is some short term support here for Draftkings stock around this level as it is the 100-day moving average. So far, this level has held up as the stock is being defended in this area. Yesterday, Draftkings (DKNG) announced that they were going to acquire Entain plc for $20 billion in stock and cash. Usually, when a company makes a major purchase of another company that stock will drop in the near term.
The next major support level for Draftking Inc (DKNG) stock will be around the $45.00 level. This important support area is where the was defended and staged a major pivot reverse to the upside back in mid-July 2021. Often, major reversals like this will become excellent support areas when tested. This is a very solid area to take a long side trade in Draftking inc (DKNG) stock when tested.
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
more
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
less
How did you like this article? Let us know so we can better customize your reading experience.
Nice, $45. Kind of what I was thinking. $DKNG