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June 09, 2023
Yesterday at a glance: after closing at $25.06 on Wednesday, DraftKings rallied as high as $25.67 but ended the day at $25.56.
On the flip side, data from United States concerning Initial Jobless Claims was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 233,000 to 261,000 this month.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.39 trillion, while the previous figure was 8.39 trillion. Fresh Reserve Balances with Federal Reserve Banks data from United States came out at 3.31 trillion.
A study of DraftKings's historical price actions shows DraftKings Inc. could be slowing down soon as it approaches resistance at $25.97. Of course, crossing it might suggest further gains are ahead. Trend analysis indicates that DraftKings made an initial breakout above its 5 day Simple Moving Average at $25.14, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $26.11, 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.
This rally in DraftKings's share price coincided with other consumer discretionary stocks as Tesla added 4.58% to its value, and traded at $234.86. Amazon traded at $124.25 after closing yesterday's trading day at $121.23 (up 2.49%). McDonald's was up 1.38%.
The stock has been trending positively for about 2 months. Having soared to a high of $26 approximately 3 days ago, the fantasy sports contest and sports betting operator is now trading 3.54% lower.
