Fantasy sports company DraftKings looks like it is getting ready to begin a march towards a championship title. After a large move higher in 2020 (blog post here), it has been consolidating constructively over the past four months. The past five weeks have been really impressive and the tight action seen this week is especially noteworthy.
From a fundamental standpoint, DraftKings is currently not profitable but has seen its' sales increase the last two quarters. The 2021 professional sporting seasons are also likely to help DKNG as many leagues had to have shortened seasons last year due to COVID-19. If DraftKings can clear recent resistance levels, I believe it can be poised for an MVP type run.
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Full Disclosure: DraftKings is a stock I currently own. Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.
bases
bullish