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May 13, 2023
Yesterday at a glance: an influx of sellers pushed the fantasy sports contest and sports betting operator to end the session lower around $23.53, while establishing a $23.31 to $24.39 session range yesterday.
While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. United States CFTC Gold speculative net positions came out at 195,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 21,400, while the previous figure was 13,300.
Support/Resistance levels obtained from chart analysis indicate that DraftKings Inc. could begin to recover as it approaches significant support, now 44 cents away from $23.09. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that despite being in the red so far in the current trading session, DraftKings peaked above its 5 day Simple Moving Average around $24.29 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that DraftKings's upper Bollinger Band® is at $25.07 which indicates a further downward move may follow.
With market volatility ebbing, the current technical outlook indicates DraftKings will remain range-bound for the immediate future.
DraftKings was not the only decliner in the consumer discretionary sector; Alibaba dips 2.9% yesterday to close at $87.89. Nike went down 1.64%, closed at $122.22. Amazon lost 1.71% yesterday and closed at $110.26.
The stock has been trending positively for about a month. This year has been a bright one for the sports betting operator after trading as low as $10.72 and going on to appreciate by 108.33% year to date.
