DraftKings Stock Price Outlook 2023: DKNG Disrupting the Market?

DraftKings’ price paused after a long rally. However, DKNG broke 50 SMA with a little margin showing the influence of sellers in the market.

The price of DKNG opened at $28.86 on Thursday, August 10th, closing at $27.75 with a change of -1.80% through the session. The high of the session was $28.86 and a low of 27.43 with a volume of 17.75 Million.

The second quarter earning of 2023 the revenue was $874.93 Million with a net income of -$77.27 Million. The share has a negative profit margin of -8.83%. The second quarter result was better than the previous quarter’s result indicating healthy quarterly growth.

Technical Analysis of DraftKings Stock Price in 1-D Timeframe

DraftKings (NYSE: DKNG) price increased 15.24% over the year and 70.98% in the span of 6 months. Returns year-to-date was 137.99%. However, the price gave a negative return of -4.34% in the month.

Currently, DraftKings stock (NYSE: DKNG) is trading above the 50 and 200-day simple moving averages. However, the price is currently taking support on the 50 SMA. 

However, if buying volume adds up, then the price might support bullish momentum by making higher highs and making new highs. Hence, the DraftKings price is expected to move upward giving bullish views over the daily time frame chart.

The current value of RSI is 40.63 points. The 14 SMA is above the median line at 60.01 points which indicates that the DraftKings stock is bullish.

The MACD line at 0.4762 and the signal line at 1.02 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in the momentum of the DKNG stock price.

Summary

DraftKings technical indicators support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the DKNG stock price. Price action suggests that the investors and traders are bearish on the 1-Day time frame. The price action reflects a bearish viewpoint at the moment.

Technical Levels

• Support Levels: Nearest support levels are $24.95 and $22.87.
• Resistance levels: Nearest resistance levels are $34.94 and $35.94.

Disclaimer

The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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