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March 14, 2023
A quick look at yesterday: the fantasy sports contest and sports betting operator has recovered almost all of its session losses after dipping down to $17.56 yesterday.
United States Consumer Price Index is next today at 12:30 UTC.
Meanwhile, United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.
Despite being in the red so far in the current trading session, DraftKings Inc. peaked above its 21 day Simple Moving Average around $18.43 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $17.05, a low enough level to, generally, suggest that DraftKings is trading below its fair value. DraftKings reversed direction at $17.58 support zone and climbed 64 cents above it.
Overall, looking at the technical analysis landscape, it seems DraftKings —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
DraftKings was not the only decliner in the consumer discretionary sector; Walt Disney slumps 1.04% yesterday to close at $93.57.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Pinduoduo was up 6.35%. Amazon traded at $92.43 after closing yesterday's trading day at $90.73 (up 1.87%).
Looking ahead, ongoing depreciation may be prolonged as United States Retail Sales expected to decline to -0.3% while its preceding data was 3%, data will be available tomorrow at 12:30 UTC. Projections for United States Core Retail Sales are set for a continuation of decline with -0.1% while previous data was 2.3%; data will be released tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Producer Price Index will be released, with an expected decline to 0.3% from the preceding figure of 0.7%.
The stock has been trending positively for about 2 months. The fantasy sports contest and sports betting operator has managed to gain 63% so far this year despite trading at lows around $10.27 previously.
