DraftKings Inc: DKNG Stock to Sustain at $30 Mark – Analysts!
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DraftKings Inc., (DKNG) stock has been trying to sustain at the $30 mark but failed multiple times. -
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DKNG share price stayed above 100 and 200-day DMAs to surge above 20 and 50-EMAs. -
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DraftKings Inc. (NASDAQ: DKNG) stock price has increased more than 130% year to date.
DKNG stock may surge above $29.37 resistance to sustain above the $30 mark, as per analysts from an esteemed financial firm. However, DraftKings stock price was struggling to break out of the $32.48 resistance as it gets distributed there. Now DKNG shares need to accumulate buyers in order to recover towards the distribution phase and remain there to register its breakout.
DKNG shares are above a positive sloping line showcasing its recovery phase over the daily time frame chart. Analysts believe that if DKNG stock price sustains above the positive sloping line, then it may recover out of the distribution phase near $32.50.
DKNG stock price was at $27.25 and lost 2.01% of its market capitalization during Thursday’s trading session. Trading volume was below average and needs to grow during Friday’s trading session. This demonstrates that the accumulation rate of buyers was not up to the mark.
DKNG Stock is Maintained Above a Positive Slope
DKNG stock price has been trading above a positive sloping line to maintain its recovery towards the distribution phase. However, DraftKings stock failed to sustain at the distribution phase multiple times in July and August 2023. DKNG shares need to increase the accumulation rate of buyers to soar with a strong upside trend over the charts. DKNG share price is above 100 and 200-day DMAs to surge above 20 and 50-EMAs.
DraftKings stock price experienced a minor decrease of approximately 0.33% within the past week and a more notable decline of 12.38% over the course of last month. Despite these short-term decreases, DKNG shares have shown resilience by rising about 14.88% in the preceding three months and an impressive 46.98% in the preceding six months. Notably, the stock’s performance throughout the year has been remarkable, with an increase of roughly 133.70% year-to-date.
Technical indicators suggest the downside trend of DKNG stock price. Relative strength index (RSI) and moving average convergence divergence (MACD) both confirm the current downfall of DraftKings stock.
RSI was at 42 and is heading towards the oversold territory. The MACD line is below the signal line after a negative crossover. Investors in DraftKings Inc need to wait for any directional change over the daily time frame chart.
Summary
DKNG stock may surge above $29.37 resistance to sustain above $30 mark points analysts from an esteemed financial firm. DKNG shares are maintained above a positive sloping line to showcase its recovery phase over the daily time frame chart. Notably, the stock’s performance throughout the year has been remarkable, with an increase of roughly 133.70% year-to-date. Technical indicators highlight the downside trend of DKNG share price. Investors in DraftKings Inc. (NASDAQ: DKNG) need to wait for any directional change over the daily time frame chart.
Technical Levels
- Support Levels: $26.55 and $25.50
- Resistance Levels: $29.40 and $32.50
Disclaimer
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