DraftKings gains 2.76% within $21.33 to $22 daily range

A quick look at yesterday: pronounced bullish sentiment in the market helped the sports betting operator to make a notable 2.76% gain yesterday, rising 59 cents and ultimately closing at $21.97.

Meanwhile, United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions came out at 189,900.

With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates DraftKings is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, DraftKings's upper Bollinger Band® is at $22.07, this is a slight indication of a slowdown. Technical analysis of DraftKings's past price action reveals multiple support and resistance levels: DraftKings could be slowing down soon as it approaches resistance at $22.22. 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 added 3.03% to its value, and traded at $106.96. Walt Disney was up 1.53%.

While DraftKings was bullish yesterday, the following consumer discretionary stocks underperformed: Alibaba went down 1.77%, closed at $90.74.

The stock has been trending positively for about a month. The sports betting operator has fallen back around 2.69% from the significant high of $21.97 set a day ago.