Jason Bond members have been banking on DKNG for quite some time and why not when the stock is at a 50% discount. Draftkings began trading on April 24th, 2020 at $20.49 after a reverse merger with a SPAC
Shares went from $20.49 to the highs of $64.19 within 5 months. One notable headline that drove the stock higher was a deal announcement with ESPN— back in mid-September
DKNG has pulled back more than 60% since the highs within the past month. Some think the weakness has been attributed to NFL players testing positive for coronavirus, but you could also attribute it to this weak market.
Shares caught a bid at the $35 area, which corresponds with the previous breakout area. The next significant area of support is the $28-$30 area.