A quick look at yesterday: an influx of sellers pushed DraftKings to end the session lower around $14.86, while establishing a $14.64 to $15.42 session range yesterday.
United States Building Permits (Oct) is next today at 13:30 UTC.
Data from United States concerning Crude Oil Inventories was released yesterday at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 3.92 million to -5.4 million this month.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – data for United States Core Retail Sales published yesterday at 13:30 UTC came out at 1.3%, beating projections of 0.4% and showing improvement over the preceding figure of 0.1%. United States Retail Sales beat the 1% projections, with 1.3%.
DraftKings Inc. made an initial break below its 50 day Simple Moving Average at $15.18, a possible indication of a forthcoming negative trend. Despite this, DraftKings could begin to recover as it approaches significant support, now 33 cents away from $14.53. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting DraftKings to extend its recent losses.
DraftKings was not the only decliner in the consumer discretionary sector; Walt Disney lost 1.63% yesterday and closed at $93.95.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Lowe's traded at $215.13 after closing yesterday's trading day at $208.84 (up 3%). McDonald's was up 1.74%.
Furthermore, United States Philadelphia Fed Manufacturing Index (Nov) is scheduled for today at 13:30 UTC. United States Existing Home Sales (Oct) scheduled to come out tomorrow at 15:00 UTC. United States Building Permits (Oct) is expected today at 13:30 UTC.
DraftKings is trading 61.3% lower compared to the $39.28 high it reached over the past year.