#DKNG was a high flyer early in the year touching the $75 level from $35 where it started. Then, it dramatically sunk to the low $40s as the tech selloff intensified. Was this because of sentiment? Fundamentals? Overbought conditions? We can tell from the technical chart that whatever the reason, it's normal for DraftKings to have multi-week selloffs, then long multi-month uptrends. The stock bounced off support at the $45 level and is having a big day today, as shown by that long green candle, up over 8%. This is not confirmation of the change in direction, but on a technical basis, it's a good sign. Getting back to the $75 highs will take some work and first, the stock must re-take it's 8-day moving average (pink line), then the 21, then the 50, and so on and so forth. One day doesn't make a trend, but it does indeed look like the stock is changing direction. On a fundamental note, Analysis by John Staszak at Argus points out: DraftKings is the leader in daily fantasy sports in the U.S. The online gaming industry is in the early stages of growth, and as more states loosen restrictions, we expect DraftKings to benefit from its market leadership position. Investors have recognized the company's potential, and the shares have outperformed since their IPO in April 2020. Technical patterns are positive as well. Our 12-month target price is now $78, raised from $65. Disclosure: #DKNG is a Stock PRO holding, however, this post is not an investment recommendation.