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June 29, 2023
Grinding lower but with no clear-cut direction, the fantasy sports contest and sports betting operator closed the session at $25.66 after forming a distinct $25.61 – $26.28 range.
- United States Fed Chair Powell speech is next today at 06:30 UTC.
- Yesterday's fall came on the back of an 8 day uptrend, during which DraftKings added 4.69% to its share price
Earlier data releases related to DraftKings – following a previous reading of -3.83 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the -1.76 million figure expected by analysts with an actual reading of -9.60 million. United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827.
Technical analysis of DraftKings before macro data is released:
Yesterday's price action generated a Japanese candlestick pattern showing 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that DraftKings's upper Bollinger Band® is at $26.19 which indicates a further downward move may follow. A study of DraftKings's historical price actions shows DraftKings could begin to recover as it approaches significant support, now 25 cents away from $25.41. Dipping below could be an indication that further losses are ahead.
Notwithstanding DraftKings's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Coming up for DraftKings — as things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 1.4, following on from the preceding figure of 2.6. New data is set to be published today at 12:30 UTC. United States Initial Jobless Claims projected to decline to 266,000 while previous data was 264,000; data will be released today at 12:30 UTC.
As the markets get ready for more data to be released — Toyota was up 1.86%. Alibaba drops 2.92% yesterday to close at $87.13. Home Depot went down to $306.51, losing 2.3% after it closed at $313.74 yesterday.
The stock has been trending positively for about 3 months. The past 3 months have been positive for the fantasy sports contest and sports betting operator as it added 44.95% compared to its 3-month low of $10.91.
