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On bearish days like we’ve had lately, it can be useful to look for stocks lurking near highs because they often break out when calm returns. DraftKings seems to fit that bill.
First, consider how the sports-betting stock formed a large bullish ascending triangle between early October and late February. Notice how it began the current month with a breakout through the top of the triangle. It’s now trying to turn old resistance into new support near the peak.
Second, Bollinger Bandwidth remained at the narrower end of its long-term range as price squeezed toward the top of the triangle. Will it start expanding if the shares exit the triangle?
For more, please click here to view the related idea and chart analysis on TradingView.
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