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Company Overview: DraftKings Inc. (NASDAQ: DKNG) is a digital sports entertainment and gaming company that offers users sports betting, online casino, and daily fantasy sports products, as well as media and other online consumer products.
As per the previous recommendation on DKNG on 03 November 2023, a ‘Buy’ rating was given on the stock at USD 27.82, and noted below are the details of support and resistance provided in the previous report:
Recommendation Summary as on November 03, 2023
DKNG Daily Chart
Considering the target levels achievement, current trading levels and associated risks, it is prudent to book profits at the current levels. Hence, a ‘Sell’ rating has been provided on the stock at the closing price of USD 38.75 as of November 27, 2023.
Note 1: Past performance is neither an indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is November 27, 2023. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Dividend Yield may vary as per the stock price movement.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.
Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.
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