In the face of downward trends and volatility, the capabilities of Artificial Intelligence (AI) come to the fore. Our AI-based Swing Trader: Downtrend Protection (TA) strategy exemplifies this, boasting a stunning 49.67% return for DraftKings (DKNG) over the past year.
Market Cap Observations in the Casinos/Gaming Industry
DKNG, a player in the Casinos/Gaming Industry, is part of a sector with an average market capitalization of $4.69B. Market caps in this industry show a vast range, extending from a mere 152.98K to an impressive 43.78B. LVS holds the highest valuation in this group at 43.78B, while ROBK resides at the bottom of the pile with 152.98K.
A Close Look at Price Movement Trends
Over the past year, the Casinos/Gaming Industry has experienced an average weekly price growth of -2%. The monthly price growth averages at -1%, while the quarterly growth stands at 14%. Notwithstanding these averages, PSDMF managed to chalk up the highest price growth at 16%, with EBET facing the steepest fall at -30%.
Volume Growth Analysis
Interestingly, the weekly volume growth across all stocks in the Casinos/Gaming Industry has seen a robust increase of 62%. More striking are the monthly and quarterly volume growth figures, both climbing to a healthy 107% and 121% respectively.
Understanding DKNG's Downward Trend
DKNG has been on a -3.01% downward trend, declining for three consecutive days as of June 16, 2023. This is typically seen as a bearish sign and could potentially indicate further declines. Historical data where DKNG has declined for three days suggests that in 184 of 224 cases, the price has dropped further within the subsequent month. This places the odds of a continued downward trend at a hefty 82%.
Conclusion
The AI Swing Trader: Downtrend Protection (TA) has indeed validated its strength, even under the pressures of downward trends. By generating an impressive 49.67% return for DKNG over the past year, the strategy has adeptly navigated the complexities of market capitalization, price, and volume trends to translate AI's potential into substantial profit. This success underlines a promising future for AI in trading, with its role only set to expand in the coming years.
Be on the lookout for a price bounce soon.
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
a digital sports entertainment and gaming company, which provides online and retail sports wagering offerings, online daily fantasy contests and online casino games
Industry CasinosGaming