Keep an eye on gambling stocks, like Draftkings (DKNG).
The stock is just starting to break above triple top resistance dating back to late April. If DKNG can maintain its momentum, we could eventually see a test of prior highs of $73, near-term.
In addition, JC O’Hara, chief market technician at MKM Partners, as quoted by CNBC just said, “It is reestablishing itself in an uptrend, breaking back above the 150-day moving average. So rather than trying to bottom pick some of these names and make calls on economic data, let’s look where the price action is positive and that’s DraftKings.”
Plus, according to Loop Capital, as quoted by TheFly.com:
Loop Capital analyst Daniel Adam keeps his Buy rating and $105 price target on DraftKings, saying that based on the latest monthly GGR/AGR data releases in five of the 12 states where the company is currently live, its Q3 revenues are “tracking well ahead of consensus”. Adam adds that while the Street is modeling a 22% sequential top-line decline, his analysis suggests that the decline should only be about 3%.