Home
News
- 1 DraftKings stock price (NASDAQ: DKNG) is up by 21% this month.
- 2 DKNG stock price is trading above the 50 day and 200 day EMAs showcasing an uptrend.
- 3 DraftKings Inc. is expected to release its quarterly earnings on August 3, 2023.
DraftKings stock price (NASDAQ: DKNG) up by 21% approx in the current month and the momentum is still intact. It formed a bullish continuation pattern and is trading near the 52 week high.
DKNG stock sustained above the 50 day and the 200 day EMAs highlighting that the trend is the upward direction. However, the stock price had gone far away from the EMA, so minor retracement is possible.
DraftKings share price performed well in the past few months and generated decent returns for the long term investors.
DKNG Inc. released its last quarterly earnings which met the analysts estimates. Due to which stock price reacted positively and buyers succeeded in breaking out of the $22.00 hurdle.
Later, the stock began to rise upward by forming higher high swings and rallied 45% (approx.) in a short period of time. The rally halted near $33.00 and prices entered into the narrow range of consolidation.
DraftKings stock price closed the previous session at $32.23 with an intraday rise of 4.59%. The market capitalization stands at $14.96 Billion.
Will DraftKings Stock rise further or revert down?
DraftKings Stock price (NASDAQ: DKNG) reacted positively after the release of previous quarter earnings. So, investors are expecting a similar kind of move in the stock price after the upcoming earnings report.
However, DKNG stock price looks overstretched, so the possibility of the sharp up move remains low. Market analysts estimated an EPS of -0.252 and revenue of $755.906 Million.
If DraftKings Inc. beats estimates, the stock price would surely rise further. On the other hand, if it the earnings are disappointing, short term profit booking could be triggered.
DKNG Stock: Next Direction After Earnings
DKNG stock formed bullish patterns on the daily and weekly time frames. The stock is likely to show a decisive move after the upcoming earnings report. Buyers seem to be highly active near the support zones, so the short term downfall will be easily absorbed by the buyers.
The MACD curve slopes sideways but sustains above the zero line. It indicates prices might spend some time in consolidation. The RSI at 70 slopes upward denoting the bulls’ strength. But it reached the overbought territory which may trigger short term sell-off.
Conclusion
DraftKings stock price (NASDAQ: DKNG) is in bulls’ grip and is trading near its 52 week high. DKNG stock’s path will be influenced by the quarterly earnings.
Technical analysis suggests, DKNG share price looks overstretched so the possibility of sharp rise is low.
Technical levels
- Resistance levels: $34.00 and $36.00
- Support levels: $29.00 and $25.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
