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April 16, 2023
Friday at a glance: DraftKings recovered all the way back up to $19.16 after dipping down to $18.63.
DraftKings Inc. could be slowing down soon; it is getting close to the resistance line and is now at $19.35, only 19 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite posting gains on Friday, DraftKings slid below its 10 day Simple Moving Average at $18.71 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $19.7, thereby suggesting that DraftKings is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest DraftKings is set for a reversal in the coming days.
DraftKings went up Friday, yet these consumer discretionary stocks did not follow — Toyota went down 0.93%, closed at $137.23. Alibaba slips 1.68% Friday to close at $96.17. Walt Disney slides down 0.93% Friday to close at $100.84.
The fantasy sports contest and sports betting operator has managed to gain 74.47% so far this year despite trading at lows around $10.27 previously.
