In my April 19 review of DraftKings (DKNG) I wrote that, "Traders who are long DKNG should continue to hold those positions. Raise stops to $16. Strength above $22 should precipitate further gains. The $28 area and then the $32 area are my price targets now."
The shares are moving up nicely towards my $28 price target so let's review our strategy.
In the updated daily bar chart of DKNG, below, I can see a low at the end of 2002/early 2023. The shares started a rally and now stand firmly above the rising 50-day moving average line and above the rising 200-day line.
The On-Balance-Volume (OBV) line turned higher to confirm the price action and tell us that buyers of DKNG are being more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is bullish too.