DraftKings's bearish run has lasted 3 days so far (-84 cents). Yesterday's session continued down the same path: after ending Monday at $14.5, DraftKings fell to $14.44. Overall, a 0.41% move or 6 cents yesterday.
United States ADP Nonfarm Employment Change (Nov) is next today at 13:15 UTC.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important Consumer Confidence data from United States beat analyst expectations of 100 with a reading of 100.2.
Amid the market gloom, United States API Weekly Crude Oil Stock came out at -7.85 million, while a consensus of analysts was expecting -2.49 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released yesterday at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1.
DraftKings Inc. made an initial break below its 50 day Simple Moving Average at $14.7, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $14.49 serving as intraday support. On the other hand, note that DraftKings could begin to recover as it approaches significant support, now 25 cents away from $14.19. Dipping below could be an indication that further losses are ahead.
Looking forward, DraftKings is poised to extend its strong downtrend and continue declining.
DraftKings was not the only decliner in the consumer discretionary sector; Amazon went down 1.63%, closed at $93.95.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Alibaba was up 5.25%.
Moreover, United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Oct) scheduled to come out tomorrow at 13:30 UTC.
DraftKings has shed $20.7 points and is languishing 58.81% lower over the past year, leaving its yearly highs around $35.2 in the rear-view mirror.