$DKNG looks for support as “Go” starts anew

$DKNG looks for support as “Go” starts anew


September 2023


Alex Cole

For much of this entire year so far, $DKNG has been in a "Go" trend.

After another high in August, we have seen price correct and even enter "NoGo" territory as it pulled back.  GoNoGo Oscillator fell into negative territory as well and we watched to see if this would be a drawn out "NoGo" trend or just a correction.  GoNoGo Oscillator moved back into positive territory at the beginning of this month and that told us that momentum was no longer on the side of the "NoGo".  GoNoGo Trend followed by painting amber "Go Fish" bars and so we knew the market was trying to determine direction.  A "Go" ensued just over a week ago but price failed at resistance from prior highs.  With GoNoGo Oscillator now back testing the zero line from above, it will be important to see if it finds support at this level.  If it does, and it can move back into positive territory we will say that momentum is resurgent in the direction of the new "Go" trend and so expect price to make another attack on new highs.