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May 21, 2023
DraftKings has posted further gains as part of a 3 day trend that has already seen the stock gain $1.12. DraftKings stayed on track Friday: generally flat but with a slight bullish bias, DraftKings ranged between $23.73 and $24.46 before closing higher at $24.11.
DraftKings Inc. could be slowing down soon as it approaches resistance at $24.47. Of course, crossing it might suggest further gains are ahead. Despite posting gains on Friday, DraftKings slid below its 10 day Simple Moving Average at $23.82 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 $25.52, 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 — Nike went down 3.46%, closed at $118.87. Walt Disney closed at $91.35 (down 2.57%).
The stock has been trending positively for about 2 months. The fantasy sports contest and sports betting operator has gained 119.6% since its lowest print of $10.72 earlier this year.
