How Far Can DraftKings Rally After a Fresh Breakout?

DraftKings  (DKNG) – Get Report stock continues to move well. While the shares are down about 1% on Tuesday, the stock had earlier hit an all-time high in the session at $59.45.

Even with Tuesday’s dip — which comes as some NFL teams suspend activity due to the coronavirus — DraftKings stock is still up more than 5.5% for the week.

What’s going on in the broader market doesn’t seem to matter. While the indexes have been swaying, DraftKings and Penn National (PENN) – Get Report investors don’t seem to care.

Admittedly, these names don’t necessarily trade without volatility. But the pullbacks have been shallow as buyers continue to gobble up the dips.

Let’s take a closer look at DraftKings now that the stock has pushed up to new highs.

Trading DraftKings Stock

Earlier this month, the stock pushed up to the 161.8% extension, where it promptly met resistance. While DraftKings stock held up for a few days, sellers were eventually able to push it lower.

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