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May 07, 2023
A quick look at Friday: after closing Friday at $24.58, the fantasy sports contest and sports betting operator peaked at $25.33 before giving up early gains and closing at $24.58.
Trend and momentum 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. Momentum evaluation shows that the Relative Strength Index indicates DraftKings is in an overbought condition. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $24.42, thereby suggesting that DraftKings is becoming overvalued. Support/Resistance levels obtained from chart analysis indicate that although DraftKings is appreciating today after rising as high as $25.33, price action is now slowing and consolidating around $1.02 below the $25.6 resistance level.
With market volatility ebbing, the current technical outlook indicates DraftKings will remain range-bound for the immediate future.
This rally in DraftKings's share price coincided with other consumer discretionary stocks as Walt Disney added 3.15% to its value, and traded at $100.52. Tesla was up 5.5%. Toyota traded at $137.54 after closing Friday's trading day at $134.91 (up 1.95%).
The stock has been trending positively for about a month. Approximately 2 days ago, the fantasy sports contest and sports betting operator reached a significant high of $24.58 but has struggled to hold onto its gains and declined 13.3% since then.
