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June 01, 2023
A quick look at today: DraftKings rallied 4.67% and ended the session at $24.43.
New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.
DraftKings's uptick comes amid good United States macroeconomic data released during the day — data for United States Crude Oil Inventories published today at 15:00 UTC came out at 4.49 million, beating projections of -1.10 million and showing improvement over the preceding figure of -12.46 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 232,000.
Meanwhile, United States ISM Manufacturing PMI (May) released today at 14:00 UTC with a figure of 46.9, while the previous figure was 47.1.
Technical analysis of DraftKings's past price action reveals multiple support and resistance levels: DraftKings Inc. could be slowing down soon as it approaches resistance at $25.19. Of course, crossing it might suggest further gains are ahead. Trend-focused traders would be interested to note that DraftKings made an initial breakout above its 21 day Simple Moving Average at $23.57, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that DraftKings's upper Bollinger Band® is at $25.1, this is a slight indication of a slowdown.
Overall, while DraftKings has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in DraftKings's share price coincided with other consumer discretionary stocks as Toyota traded at $140.65 after closing today's trading day at $136.13 (up 3.32%). Alibaba was up 4.34%. Amazon traded at $122.77 after closing today's trading day at $120.58 (up 1.82%).
Furthermore, the market is looking at United States Non Farm Payrolls projected to come out at 180,000 — worse than previous data of 253,000; data will be released tomorrow at 12:30 UTC. As things stand, upcoming United States Average Hourly Earnings data is projected to fall short of market expectations with newly published data of 0.4%, following on from the preceding figure of 0.5%. New data is set to be published tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.
The stock has been trending positively for about 2 months. Having set a significant high of $25.22 10 days ago, the fantasy sports contest and sports betting operator is trading 7.45% lower.
