MomentumOptions.com Profit Alert (DKNG) for 12/29/2022

11:40am (EST)

I have another Profit Alert for DKNG as the Stop Limit at $1.40 has tripped on another third of the position.

Profit Alert!

DraftKings (DKNG, $11.53, up $0.48)

DKNG January 12.50 puts (DKNG230120P00012500, $1.35, down $0.40)

Entry Price: $0.70 (12/6/2022)
Exit Target: $2.10 (closed 1/3rd at $1.85 on 12/27/2022)
Return: 117%
Stop Target: $1.20 (1/3rd) and $1.40 (1/3rd) (Stop Limits), lower the $1.20 Stop Limit to $1.05

Action: The $1.40 Stop Limit has tripped today with shares showing strength for the second-straight day. I want to give the trade a little more wiggle room for the remaining third so lower the Stop Limit to $1.05 from $1.20.

RSI closed at 30.28 to start the week and why we closed a third of the trade as shares are attempting to make a bottom. The November 7th and Tuesday’s intraday low kissed $10.85 with Wednesday’s low at $10.69.

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