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June 23, 2023
Yesterday at a glance: DraftKings rallied 2.16% and ended the session at $25.49.
United States Services PMI is next today at 13:45 UTC.
On the flip side, United States Crude Oil Inventories fell short of the 329,000 projections, with new data of -3.83 million. United States Initial Jobless Claims came out at 264,000, marking no change from preceding figure.
Meanwhile, United States Existing Home Sales (May) released yesterday at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.
Trend-focused traders would be interested to note that DraftKings Inc. made an initial breakout above its 10 day Simple Moving Average at $25.15, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, DraftKings's upper Bollinger Band® is at $26.49, this is a slight indication of a slowdown. Visual analysis of DraftKings's chart shows that DraftKings could be slowing down soon as it approaches resistance at $25.98. Of course, crossing it might suggest further gains are ahead.
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 Amazon traded at $130.15 after closing yesterday's trading day at $124.83 (up 4.26%). Tesla added 1.98% to its value, and traded at $264.61.
While DraftKings was bullish yesterday, the following consumer discretionary stocks underperformed: Starbucks went down 1%, closed at $101.87.
Elsewhere, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released today at 13:45 UTC.
The stock has been trending positively for about 3 months. The fantasy sports contest and sports betting operator has fallen back around 4.55% from the significant high of $26.14 set 10 days ago.
