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DKS trade ideas
$DKS obvious in hindsight. Eat a bag of DIcks.Lovely continuation pattern. Hard to catch. Maybe, worth the wait.
Dick’s Sporting Is RunningDick’s Sporting Goods has been running. Now, after a brief pause, it may be ready to keep moving.
The first interesting pattern on the daily chart is the price gap on May 26, which DKS recently tested (and partially filled). That resulted from a blowout quarterly report, with same-store sales up 115 percent.
Notice how price came down to test and hold the May 10 peak and the rising trendline that began in December. DKS also came within $0.44 of testing its 50-day simple moving average (SMA) that session, but couldn’t even get that low.
A mix of powerful forces are fueling the rally. Like many traditional retailers, DKS was left for dead even before the pandemic. But now it’s rebuilding its business around experiences and benefiting as the economy reopens. There’s also a short squeeze underway.
Something else happened with the intermarket trends: The SPDR Consumer Discretionary ETF just crossed above its 50-day SMA. This suggests the broader consumer discretionary sector (which includes DKS) is coming to life as the summer heats up. Of course, summer is followed by-back-to-school, which is followed by Black Friday and Christmas. That timeline, combined with an improving economy, could keep sentiment focused on traditional retailers for several more months.
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DKS new all-time high and goal of $87.59Looks like the right set of factors are present.
Ascending wedge and all support over $80.33
Short squeeze mini series # 8What Is a Short Squeeze?
A short squeeze occurs when a stock or other
asset jumps sharply higher, forcing traders who
had bet that its price would fall, to buy it in
order to forestall even greater losses. Their
scramble to buy only adds to the upward
pressure on the stock's price
KEY TAKEAWAYS
*A short squeeze accelerates a stock's price rise
as short-sellers bail out to cut their losses.
*Contrarian investors try to anticipate a short
squeeze and buy stocks that demonstrate a
strong short interest.
*Both short-sellers and contrarians are making
risky moves. A wise investor has additional
reasons for shorting or buying that stock.
$DKS Dicks Sporting Goods Breakout Trade
DKS has broken to a new high on improving volume
Target $70-$71
Don't be a DKS, 20 year highs!!! Undervalued!20 year high breakout, plus bullish triangle breakout to the updside clears way to more upside, PT = 100.
DKS Earnings Rebound, Buy 4DEC CALL $54 @$1.50-$1.80Fundamental analysis indicates DKS will continue to perform well under COVID restrictions. In light of vaccine news, DKS has poised itself well with new stores and additional workers to capitalize on increased brick & mortar foot traffic. Sentimental analysis sets the stage for a strong rebound (earnings , new product line , positive post-COVID performance ). Technical analysis shows DKS has been in a 4 week bear run. The RSI shows entering the oversold region (below 30). Wait for a reversal early confirmation of MACD crossover under the 0-line, and final confirmation of 13 SMA crossing over 30 SMA before purchasing long position.
Entry price - $49.80 - $51 // $1.5-$1.8 (4 DEC CALL $54 strike)
TGT Sale price - $54 (conservative) / $62 (higher risk) // 100% option value ($3)
Stop loss - $47.50 (conservative) / 50% of Options price (higher risk)
Max position size - 5% of portfolio
PEG setup: DKSThere’s a 20% short float on $DKS
The stock is acting like a holy grail as it rides the 20-day for support and has held up well since the PEG
A little bit of volume and $59 is an easy first target
DKSHuge relative strength in this name and attempting to breakout to ATH. Lets see if it can hold it tomorrow. (No position).
DICKS SPORTING GOODS StrategyHey my friends, DICKS SPORTING GOODS is in a fake downtrend with one sell volume at the end of the session accompanied by two buy volumes. And we can see an attempt by desperate buyers, on the TIMEFRAME 5 Min we are going to a low point. It will go out of its stabilization zone and then reintegrate it, with a great potential to break the trend support. See if buyers are back to push breakout the stabilization zone and go to the last preceding above.
Then get to the top of the new area, which corresponds to the next top point Preview on the DAILY.
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Target at $64 and Drawback at $32I see the short MA has tailed upward on the long MA around May28th, 2020. I found strong support level at $28 and $42 level and I believe that the Fibonacci extension will go on to $64 and the drawback is $32.
$DKS Dick's Sporting Goods - Range Breakout$DKS Dick's Sporting Goods up 3% today on strong volume with earnings coming later this week.
Close today just above upper limit of a month long range. Expecting bullish channel that began off the March lows to continue.
Unusual bullish options flow today - About 4,600 $54.00 calls expiring this week traded vs OI of 5 contracts for total premium outlay of about $200K.
Just for these calls to break even at expiration, we'd need to see a move from today's close of about +14%. Could be a bullish sign for earnings.
Target: $60 by 2nd half of Sept (Assumes a strong earnings report Wednesday)
Dicks Sporting GoodsMy plan is to sell a bull put spread to capture what could be a bounce. DKS is trending up and is due to bounce. This could be a bit risky going into earnings, but if the trend holds, could be a good play. If it takes out a couple of the pre Covid highs, it could take off.
DKS broke out of descending triangle(w/ earnings coming up) DKS broke out of descending triangle.
MACD signals general bull-trend with potential push to the upside.
Wait for RSI to reset below 30 for entry.
Fundamentals: Earnings coming up for DKS
