DraftKings currently down 1.1% halfway through today

DraftKings is down to $19.74, after ending yesterday at $19.96. Overall, a 1.1% loss or 22 cents today.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

While price action maintains a negative bias, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

Trend analysis indicates that investors are seeking long positions as DraftKings Inc. price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates DraftKings is currently 'overbought' which suggests new gains will be harder to obtain. Asset volatility analysis shows that DraftKings's upper Bollinger Band® is at $20.28 which indicates a further downward move may follow.

With market volatility ebbing, the current technical outlook indicates DraftKings will remain range-bound for the immediate future.

Positive performances can be seen by looking at other consumer discretionary stocks as Amazon added 2.29% to its value, now trading at $96.74. Home Depot is trading at $299.57 after ending yesterday's session at $295.5 (up 1.38%). Lowe's is up 1.07% to $204.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.

Furthermore, United States GDP is expected tomorrow at 13:30 UTC.

The stock has been trending positively for about a month. The sports betting operator has managed to gain 80.63% so far this year despite trading at lows around $10.27 previously.