- The DraftKings Inc. stock price decreased by almost -16.5% in the last three months.
- The quarterly profit margin of the stock has shown an increase.
- The technical indicator summary gives a sell signal to the DKNG stock.
DraftKings Inc. has established a strong presence within the sports and online gaming sector, particularly in the fast-growing online gaming industry. It is recognized as a top player in the realm of daily fantasy sports and sports betting services.
The DKNG stock is currently experiencing a downtrend, characterized by a repeated pattern of lower lows in its price movements. At the moment, the trading price of DKNG stock is at $26.22, reflecting a significant 4.13% decrease in today’s market session. The company sees an average trading volume of $11.3 Million and has a total share float of 426 Million shares. A comprehensive analysis of technical indicators suggests a “sell” signal for the DKNG stock. Among the 26 indicators reviewed, 13 are indicating a “sell” signal, while only 3 are suggesting a “buy” signal. This information doesn’t bode well for the stock, potentially reducing buyers’ confidence.
The DKNG stock is currently trading in between the range of $32 to $26. The price has reversed after hitting the resistance level and it’s moving downward. It is currently near the support level and the overall structure of the stock is negative. The price is expected to decline in the upcoming days.
The company has given a return of -16.5% in the last three months. This underperformance by the stock can become a challenging factor for the stock and the price might face the downfall shortly.
DraftKings Inc. (DKNG) Stock Price Analysis
The MACD indicator indicates a bearish trend, with the MACD displaying negative momentum. A red histogram located below the MACD indicator signals a downward path for the stock price. Additionally, the RSI line is situated below the SMA line, reflecting an unfavorable pattern. It augments the likelihood of a price decline in the days ahead.
Conclusion
In conclusion, the DraftKings Inc (DKNG) stock is moving downwards. The stock has given a negative return in the last three months and the indicators are also negative for the stock. The overall pattern for the stock is negative and the technical summary represents a sell signal. Hence, the price is expected to decline in the upcoming days.
Technical Levels:
- Support – $26 and $23.
- Resistance – $32 and $40.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.