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March 01, 2023
DraftKings has posted further gains as part of a 3 day trend that has already seen the stock gain 61 cents. It was more of the same for DraftKings yesterday — after closing at $18.8 on Monday, DraftKings maintained a strong bullish bias that helped the stock close higher at $18.86 yesterday. However, market bears ensured the the sports betting operator topped out at $19.18 and that by the end of the session, the market had marked out a distinct $18.5 to $19.18 range.
United States ISM Manufacturing PMI (Feb) is next today at 15:00 UTC.
On the flip side, United States Consumer Confidence published yesterday at 15:00 UTC came out at 102.9, falling short of the 108.5 projections and continuing its decline from the previous 106 figure.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.20 million, while the previous figure was 9.89 million. United States Chicago PMI (Feb) came out at 43.6, while a consensus of analysts was expecting 45.
DraftKings Inc. made an initial breakout above its 5 day Simple Moving Average at $19.1, a potential indicator of a newly emerging bullish phase. On the other hand, note that although DraftKings is appreciating today after rising as high as $19.18, price action is now slowing and consolidating around 33 cents below the $19.19 resistance level.
Overall, looking at the technical analysis landscape, it seems DraftKings might continue pointing upwards in the short term.
While DraftKings was bullish yesterday, the following consumer discretionary stocks underperformed: Alibaba descends 1.64% yesterday to close at $89.25. Walt Disney went down 0.84%, closed at $100.45.
Also worthy of note, as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 457,000, following on from the preceding figure of 7.65 million. New data is set to be published today at 15:30 UTC. United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 192,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Feb) will be released today at 15:00 UTC.
The stock has been trending positively for about 2 months. This year has been a bright one for the fantasy sports contest and sports betting operator after trading as low as $10.27 and going on to appreciate by 71.06% year to date.
