- NASDAQ: DKNG stock price is down by 5.22% on the weekly and formed a rejection candle
- DraftKings Inc stock price got rejection from the 200 day EMA
- DKNG Q4 scheduled in the current week and street estimates remains negative
DraftKings(NASDAQ: DKNG) stock price is trading with bearish cues and bear’s are trying to drag the prices further down below the 50 day EMA. However, DKNG Q4 is scheduled in the current week and prices are likely to remain volatile for the next few sessions. In the previous session NASDAQ: DKNG stock price closed at $15.99 with the intraday loss of 3.27% and market cap stood at $7.177 Billion.
DKNG stock price will react Q4 and Super Bowl 2023
DraftKings(NASDAQ: DKNG) stock price is in short term uptrend and continuing the upward momentum by forming higher high candles which has gained the attention of long term investors but the 200 day EMA turning out to be strong hurdle for the bulls and prices seems to be again reversing in the downward direction. Recently, In the mid of January, DKNG prices had broken out of the 50 day EMA and also the downward sloping trendline which has derived the positive sentiment and turned the short term trend in the favor of bulls.
After the trend reversal DKNG stock prices have rallied 28% approx in the short span of time but unfortunately prices took halt near the swing high hurdle at $18.00 and got rejection from the higher levels. However, if sell off continued in the coming sessions then $14.00 will be act as savior for bulls and if prices drops below the $14.00 level then bear’s may try to drag it further down toward $11.00 level
The technical indicators of the DKNG stock like MACD are on the way to generate a negative crossover which may create trouble for the bullish traders whereas the RSI at 57 sloping down denotes that prices might enter into the neutral zone and remain sideways. On the other hand, DraftKings Q4 earnings are also scheduled in the current week which might further affect the direction of prices.
According to the data in Yahoo finance, An average earning estimates stood at -0.59 and revenue estimated at $797.65M
Summary
DraftKings(NASDAQ: DKNG) stock price has witnessed a minor sell off from the higher levels and showed the initial signs of bearish trend reversal. The technical suggest that if overall market sentiment remains negative then prices are likely to retest $14.00 in the coming weeks. However, If DKNG succeeds to meet the Q4 estimates then it may trigger a wild short covering rally which might reward the bullish traders.
Technical levels
Resistance levels : $18.00 and $20.00
Support levels : $14.00 and $11.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/13/dkng-price-prediction-super-bowl-2023-will-reward-the-investors/