Draftkings Inc (DKNG) saw a welcome improvement to its Relative Strength (RS) Rating on Tuesday, with an upgrade from 79 to 82.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This proprietary rating measures technical performance by showing how a stock’s price movement over the last 52 weeks measures up against that of the other stocks in our database.
Decades of market research shows that the best-performing stocks tend to have an RS Rating north of 80 as they launch their biggest price moves.
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Draftkings stock is building a cup without handle with a 74.48 entry. See if it can break out in volume at least 40% above average. Keep in mind that it’s a later-stage consolidation, and those are riskier than earlier-stage patterns.
Top and bottom line growth moved higher in the company’s most recent quarter. Earnings were up 57%, compared to 0% in the prior report. Revenue increased from 253% to 320%.
The company earns the No. 15 rank among its peers in the Leisure-Gaming/Equipment industry group. Monarch Casino & Resort (MCRI) and Red Rock Resorts (RRR) are also among the group’s highest-rated stocks.
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