Bullish Bettors Score Big on Sports Gambling Stock

DKNG has tacked on 17% in July alone

Jake Scott

Deputy Editor

Jul 13, 2023 at 12:22 PM

DKNG

Last week, Schaeffer's Weekend Trader subscribers more than doubled their money with our DraftKings Inc (NASDAQ:DKNG) September 25 call. Below, we'll dive into the telling points for this bearish bet on the programming giant.

At the time of the recommendation on June 31, DraftKings stock had broken free of a flag pattern the week before and closed above the $26 level -- an area of resistance since late May. DKNG was breaking out of a weekly base (or cup) pattern on the charts, with long-term support from its ascending 20-day moving average and a safety net in place at its 50-day trendline, per the chart below.

DKNG Chart July 132023

Bullish bettors entered at a good time, too, as DraftKings stock boasted affordably priced premiums. This was due to its Schaeffer's Volatility Index (SVI) of 44% sitting in the extremely low 1st percentile of annual readings.

Our Weekend Trader subscribers entered the trade on Monday, July 1. DKNG is up 17% in July alone, thanks to a well-timed upgrade and five overdue price-target hikes. We closed the position on Wednesday, June 12, allowing subscribers to cash in a 105% profit.

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