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DraftKings Stock Looks Ready to Bounce Higher

Shares sport a 35.9% year-over-year lead

Digital Content Manager
Oct 29, 2024 at 3:00 PM
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DraftKings Inc (NASDAQ:DKNG) stock is 0.3% higher to trade at $36.65 at last check, and sports a 35.9% year-over-year lead. Shares spent a good portion of October attempting -- and failing -- to conquer the $39 level, after a September rally fell short of the $43 level. Most recently, however, the security pulled back to a historically bullish trendline that may just be its ticket higher.

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, DraftKings stock is now within striking distance of its 80-day trendline. Per White, four similar pullbacks occurred during the past three years. In the month after 75% of these signals, DKNG averaged an 6.5% gain. A comparable move would place shares just above $39.

DKNG 80 Day

Short sellers are already hitting the exits, but a continued unwinding of pessimism could keep tailwinds blowing for ANF. Short interest fell 3.7% in the last two reporting periods, yet the 24.84 million shares sold short still makes up 5.3% of the stock's available float.

 

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