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July 05, 2023
Investors are currently sidelined due to the July 4th holiday but will return to their desks today. Looking back over the previous session Monday: the sports betting operator has recovered almost all of its session losses after dipping down to $26 Monday.
DraftKings Inc. made an initial break below its 3 day Simple Moving Average at $26.17, a possible indication of a forthcoming negative trend. DraftKings's upper Bollinger Band® is at $26.68 which indicates a further downward move may follow. On the other hand, note that DraftKings could begin to recover as it approaches significant support, now 32 cents away from $25.93. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for DraftKings.
DraftKings was not the only decliner in the consumer discretionary sector; McDonald's closed at $294.84 (down 1.2%).
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Tesla was up 6.9%. Walt Disney traded at $90.5 after closing Monday's trading day at $89.28 (up 1.37%).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims projected to come out at 245,000 — worse than previous data of 239,000; data will be released tomorrow at 12:30 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -729,000. It previously stood at -9.60 million; data will be released tomorrow at 15:00 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Jun) is expected tomorrow at 12:15 UTC.
The stock has been trending positively for about 3 months. DraftKings hit a significant low of $10.91 around 6 months ago, but has since recovered 143.54%.
