While DraftKings was in the midst of a 4 day downtrend— in which it lost a total of 8.66%— Today may indicate a change of direction; after dipping down to $15.73, DraftKings regained earlier losses and ended up at $16.14.
Despite ticking up in the session, the short-term outlook has become negative after the MACD moved below its signal line — typically a bearish indicator that upward momentum is running out of steam. Although DraftKings is appreciating today after rising as high as $16.36, price action is now slowing and consolidating around 28 cents below the $16.42 resistance level.
Overall, looking at the technical analysis landscape, it seems DraftKings is likely to reverse course and start pointing down in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Nike was up 2.39%. Lowe's was up 2.57%.
Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.5%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
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 $10.27 and going on to appreciate by 46.7% year to date.