Is It Time To Bet On DraftKings Stock's Next Run Higher?

Stock Performance and Technical Analysis - DraftKings (DKNG) stock is trading between $37 and$ 39, showing choppy movement after recovering from an early August dip to its lowest level since November 2023 [1] - The stock is down 1 1% year-to-date at $37 24, but remains 5 4% higher since the start of 2024 [1] - DKNG is approaching its year-to-date breakeven level and is within one standard deviation of its 50-day moving average, a historically bullish trendline [1] - Over the past two months, DKNG has traded above its 50-day moving average 80% of the time and in eight of the past 10 trading days [1] - Similar patterns in the past three years have resulted in the stock being higher one month later four out of five times, with an average return of 10 6% [1] - A 10 6% increase from current levels would push DKNG stock to around$ 41, closer to its all-time high of $49 57 reached on March 27 [1] Short Interest and Market Sentiment - Short interest in DKNG has decreased by 4 3% over the last two weeks, but 24 68 million shares sold short still represent 5 2% of the total available float [2] - It would take short sellers nearly three days to cover their bearish positions based on current trading volumes [2]