DraftKings is showing signs of life, up to $18.16 (1.11%)

While in the midst of a 5 day downtrend, losing a total of 6.2% ($1.4), A possible change of direction spotted from Thursday; after ending Wednesday at $17.96, DraftKings went up to $18.21 only to drop back, yet still traded well overall and closed at $18.16 Thursday.

Technical analysis of DraftKings's past price action reveals multiple support and resistance levels: DraftKings Inc. could be slowing down soon as it approaches resistance at $18.44. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, DraftKings made an initial breakout above its 50 day Simple Moving Average at $17.82, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $19.35, thereby suggesting that DraftKings is becoming overvalued.

Overall, the technical outlook suggests DraftKings is likely to remain muted for the immediate future, with no clear-cut direction.

A look at other consumer discretionary stocks also showed bullish price action as Alibaba was up 4.25%.

While DraftKings was bullish Thursday, the following consumer discretionary stocks underperformed: Toyota goes down 1.1% Thursday to close at $140.42.

Also worthy of note, United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.

This year has been a bright one for the sports betting operator after trading as low as $10.27 and going on to appreciate by 65.53% year to date.