"Oversold" DraftKings Stock Could Rebound [Yahoo! Finance]
DraftKings Inc. - Class A (DKNG)
Company Research
Source: Yahoo! Finance
its +10% year-to-date level and heading for a seventh-straight loss. This rut present an intriguing buying opportunity, if past is precedent, as the sports betting stock just pulled back to a historically bullish trendline. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, DraftKings stock is now within striking distance of its 80-day moving average. For the purpose of this study, White defines that as the equity trading above the moving average 80% of the time over the past two months and closing north of the trendline in eight of the last 10 sessions before coming within striking distance of it. Per White's data, five similar pullbacks occurred during the past three years. In the month after 80% of these signals, DKNG averaged an 8.7% gain, and finished higher 80% of the time. A comparable move would have the shares filling their month-to-date deficit. DKNG Chart December 162024 Fueling the rebound case is the shares' 14-day relative strength index
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DKNG
Earnings
- 11/7/24 - Beat
DKNG
Sec Filings
- 12/13/24 - Form D
- 12/11/24 - Form 4
- 12/9/24 - Form 144
- DKNG's page on the SEC website