DraftKings stock (NASDAQ: DKNG ) is showing bullish strength and is aiming for the $50 mark. This positive trend suggests a possible upward movement for DKNG stock, with a projected goal of $50. Therefore, buyers are likely to keep their long positions in the stock.
DraftKings stock is trading above the key moving averages and is indicating bullishness. Moreover, the chart structure based on the recent trading sessions shows a favorable bias for buyers. The stock has gained momentum and is ready for a possible upward move, with a target of reaching $50. The increased activity and traction also support the optimistic outlook for buyers in the market.
At press time, NSC stock was trading at $35.03 with an intraday gain of 0.63%, showing bullishness and a positive outlook on the charts. Furthermore, the intraday trading volume was 15.357 Million, and the market cap was $16.332 Billion.
However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, the DraftKings price is expected to move upward giving bullish views over the daily time frame chart.
Technical Analysis of DraftKings Stock Price in 1-D Timeframe
Currently, DraftKings stock (NASDAQ: DKNG ) is trading above the 50 and 200-day SMAs (simple moving averages), which are supporting the price momentum.
The current value of RSI is 66.21 points. The 14 SMA is above the median line at 55.18 points which indicates that the DraftKings stock is bullish.
The MACD line at 1.64 and the signal line at 0.7727 are above the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the DKNG stock price.
Stochastic RSI is consolidating near the overbought level. The %D and %K lines make a negative crossover between them though it is yet to intercept the 80 RSI zone. The present value of stochastic RSI is 88.38 points.
Weekly stats DraftKings Stock
The weekly charts of DraftKings stock reveal that the buyers have been dominant. The stock has been on an uptrend trend, as it has broken above the key EMAs. The technical indicators also confirm the bullish sentiment, as the RSI is near the overbought zone at 65 and the MACD has formed red bars but floats in the positive zone. These signals indicate that the stock may rise more in the coming weeks.
Summary
DraftKings stock (NASDAQ: DKNG ) technical oscillators support the bullish trend. The MACD, RSI, and EMA are emphasizing positive signs and imply that the uptrend may continue in the DKNG stock price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, Investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels: $29.98 and $28.56
Resistance levels: $36.32 and $40.00
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/11/12/draftkings-stock-vertical-rally-in-dkng-stock-what-next/