This morning DraftKings reported its 22Q2 earnings.
Market participants responded by adjusting the stock price higher and agreeing to close today’s session at $17.96, which is 9.78% higher than yesterday.
Today’s session concluded the trading week, in which DKNG smashed through its best respected moving average resistance lines. Both the 13-week EMA (body) and the 17-week EMA (wick) resistance lines registered in September of last year.
Here’s DKNG’s powerful break:
Zooming in:
DKNG did what it needed to do when a stock starts a trend reversal. Note that DKNG did not wait for the ER to break out and up. It smashed these resistance lines earlier this week, before the ER.
Following is DKNG’s weekly chart, as posted in Twitter on Wednesday, 2 days ago:
Zooming in:
DraftKings was strong this week; stronger than any prior week in nearly a year.
We shall definitely keep our eye on the name.