DKNG near-term bounce likely at stacked support; risk of further downside before weekly oversold.

On the other side of the equation, guys, check out DraftKings. Look at this uh kerplunk on the chart today. Down 7.42%. This came on the back of news that apparently on week one in the NFL, DraftKing only had 3% market share in the prediction sport betting field.

So that was not that good uh for DraftKings. As you can see, investors ran for the exit door.

But guys, we're coming up onto some very serious levels uh of support for uh DraftKings. If I scroll all the way back out, you can see where price action is getting into most recently and now.

Now, you can see on this little pivot that came before in April of this year, we already hit the middle portion of the W. So, in this range, that that's already provided a nice bounce.

Now, we're coming into these levels that could provide a bounce, too.

But that's not really what I'm most concerned about. What I am, though, check out what happens when I throw some TA on the chart. And I remind you guys, anybody can do this. Anybody can draw a trend line.

I know I'm no artist, but I can draw a trend line. And that's what I'm taking to the bank, guys. So, you can see all I did was I started a trend line at this low pivot, and I'm going to connect it over to this next major pivot.

Now, I'm not connecting this one because this was more or less a test. It didn't break down at that area. In fact, it caught support by this very trend line that I'm drawing. So, I'm going to draw that out just a little bit further.

I'm going to connect it over right there to the bottom. And you see, oh my gosh, guys, we are getting very close to price. All right. So, now I've got a reason to be interested in going long on DraftKings, right?

Let me throw up another reason because I don't like to just take one factor trades. I want to have that factor stack in my favor. Oh my gosh, guys. Look what happened now. I just threw up a fib retrace sequence from the pivot low back here in 22 connected this pivot high from all of this price action moving up.

What are we coming down to? Uh $19.15 is the 786 fib. All right, I got two factors now pointing towards that being an awesome level for support.

Now throw in a third, guys. Look at this uh daily RSI 29.15 oversold in the near term. On the weekly, though, it is at 34. So, you've got to be mindful even though these levels do stack up with some very nice levels of support.

We still could be heading a little lower, maybe even pierce this before we get oversold uh on the weekly time frame.

But guys, this is prime for a near-term potential bounce on the chart of DraftKings. One that I want to bring to your attention because one that I am interested in seeing if it goes a little bit lower, we could be getting ourselves into some really, really solid levels of support.