Dave & Buster’s Entertainment (PLAY) Shows Positive Long-Term Setup
Dave & Buster’s Entertainment (PLAY), a restaurant and sports entertainment company, has a promising long-term setup on its chart. The stock has been rallying alongside other sports betting stocks like DraftKings and Flutter, which are in the news ahead of the Super Bowl and also have compelling charts. From a technical perspective, PLAY has cleared major resistance from early 2020, indicating a bullish development and a potential long-term turnaround.
Long-Term Target of $75
By projecting the width of the trading range higher, analysts estimate a long-term target for PLAY at around $75. This aligns with the final resistance from the 2017 peak. In the meantime, interim resistance is expected near $60, which was the 2019 high. Strong support can be found near $49-$50.
Short-Term Trend-Following Gauges Shift Higher
Although there was a pullback to start 2024, PLAY has rebounded and seen an increase in short-term trend-following gauges. The stochastic oscillator on the weekly bar chart shows a “pop” higher, indicating a bullish catalyst. Additionally, the weekly MACD indicator is positive and diverging, supporting the intermediate-term uptrend.
Hot Take: Dave & Buster’s Entertainment (PLAY) Holds Promise for Long-Term Investors
If you’re looking for a promising investment opportunity in the restaurant and sports entertainment sector, consider Dave & Buster’s Entertainment (PLAY). The stock has shown positive long-term momentum with its recent breakout and has the potential to reach a target of $75. With strong support levels and indicators pointing towards an uptrend, PLAY could be an attractive option for investors seeking long-term gains.
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