Pre-open trade suggests a higher market open today with yesterday's bullish sentiment adding to the risk-on mood. DraftKings went up to $16.45, gaining 4.11%.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected decline to 367,000.
At the same time, United States ADP Nonfarm Employment Change (Oct) came out at 239,000, while a consensus of analysts was expecting 195,000. United States JOLTs Job Openings (Sep) released yesterday at 14:00 UTC with a figure of 10.72 million, while the previous figure was 10.28 million. United States ISM Manufacturing PMI (Oct) came out at 50.2, while a consensus of analysts was expecting 50.
DraftKings Inc. made an initial breakout above its 200 day Simple Moving Average at $16.33, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $16.91 by around 45.5 cents with prices hammering out a $16.04 – $16.77 session range. DraftKings broke through the $16.8 resistance, climbing 35 cents above it. In contrast, DraftKings's upper Bollinger Band® is at $16.89, this is a slight indication of a slowdown.
According to technical analysis, it looks as if DraftKings likely to continue pointing upward in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Alibaba was up 3.59%.
While DraftKings was bullish yesterday, the following consumer discretionary stocks underperformed: Amazon plunges 5.52% yesterday to close at $102.44. Toyota closed at $135.16 (down 2.63%).
Also worthy of note, projections for United States Crude Oil Inventories are set for a continuation of decline with 367,000 while previous data was 2.59 million; data will be released today at 14:30 UTC.
Furthermore, the market is looking at United States Interest Rate figure is projected at four. It previously stood at 3.25; data will be released today at 18:00 UTC. United States ISM Non-Manufacturing PMI (Oct) is expected tomorrow at 14:00 UTC.
Approximately 1 year, 1 day ago, DraftKings reached a significant high of $49.02 but has struggled to hold onto its gains and declined 67.77% since then.