{"id":305060,"date":"2023-12-29T18:43:37","date_gmt":"2023-12-30T00:43:37","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=305060"},"modified":"2024-01-01T12:19:39","modified_gmt":"2024-01-01T18:19:39","slug":"draftkings-stock-flirts-with-key-technical-levels","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-stock-flirts-with-key-technical-levels\/","title":{"rendered":"DraftKings Stock Encounters Key Support Areas"},"content":{"rendered":"

DraftKings (NASDAQ: DKNG) was one of the brightest stories among gaming equities in 2023. But a 7.89% decline this month has the stock flirting with some important support levels.<\/p>\n

\"DraftKings\"
DraftKings stock highlighted at the Nasdaq market site. The stock is close to important support levels. (Image: Nasdaq)<\/figcaption><\/figure>\n

After unveiling unveiling strong 2024 forecasts<\/a> and on the back of constructive commentary at its annual investor day, DraftKings soared in November, helping the stock to a 2023 gain of 209.48% — easily good for one of the best showings among all gaming equities. That scintillating run also gave some market participants reason to lock in profits and recently trim or eliminate positions in the stock.<\/p>\n

DraftKings had a stellar 2023, topped off with a two-year high back in November. The shares are now pulling back to potential support at the $34 region, which is a 38.2% Fibonacci retracement of its all-time highs and 2022 lows,\u201d<\/strong> according to Schaeffer\u2019s Investment Research. \u201cAdditionally, the security has tripled its 2022 close, coinciding with the site of its early August post-earnings high and rising 50-day moving average.\u201d<\/strong><\/p><\/blockquote>\n

Fibonacci retracements are part of technical analysis with traders using the horizontal lines to gauge a security\u2019s potential areas of support and resistance.<\/p>\n

DraftKings Stock Support, Resistance<\/h2>\n

As noted by Schaeffer\u2019s, key support for DraftKings stock is likely found at $34, slightly below the 50-day moving average. The shares settled at $35.25 today, and haven\u2019t closed below $34 since early November.<\/p>\n

\n

In terms of resistance, $40 is likely the next price point for traders to monitor. Round numbers are often psychologically important to some market participants, and $40 is slightly above DraftKings\u2019 52-week high of $39.35. Should the stock make its way to $40, analysts may be forced to lift price forecasts on the name, because the consensus price target currently stands at $40.31.<\/p>\n<\/div>\n

On a related point, it\u2019s worth noting that of the 31 analysts covering DraftKings, nine rate it a \u201chold,\u201d indicating there\u2019s room for upgrades that could potentially drive the stock price higher.<\/p>\n

Some market observers argue the recent pullback by the high-flying gaming stock<\/a> is healthy and could represent a buying opportunity. The recent retrenchment by DraftKings stock has been limited because the shares found technical support at an important price range, indicating it\u2019s not in free fall.<\/p>\n

The other side of that equation is that if DraftKings violates $34 on the downside, a sell-off could potentially accelerate.<\/p>\n

Short Covering Could Help DraftKings Stock<\/h2>\n

While some well-known traders<\/a> have abandoned bearish bets against DraftKings, short interest in the stock remains elevated. That could be a sign that if the shares rally to start 2024, shorts could be compelled to cover, thus fueling more upside.<\/p>\n

\u201cIt\u2019s also worth noting shorts are in covering mode, despite a buildup in short interest from October to early November. There is still plenty of pessimism left to unwind, however, since 5.6% of the security\u2019s available float sold short,\u201d <\/strong>concluded Schaeffer\u2019s.<\/p>\n","protected":false},"excerpt":{"rendered":"

DraftKings (NASDAQ: DKNG) was one of the brightest stories among gaming equities in 2023. But a 7.89% decline this month has the stock flirting with some important support levels. After unveiling unveiling strong 2024 forecasts and on the back of constructive commentary at its annual investor day, DraftKings soared in November, helping the stock to […]<\/p>\n","protected":false},"author":46,"featured_media":254310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,1074],"tags":[81903,81871,80968],"acf":[],"yoast_head":"\nDraftKings Stock Flirts With Key Technical Levels<\/title>\n<meta name=\"description\" content=\"DraftKings Stock Encounters Key Support Areas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/draftkings-stock-flirts-with-key-technical-levels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings Stock Flirts With Key Technical Levels\" \/>\n<meta property=\"og:description\" content=\"DraftKings Stock Encounters Key Support Areas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-stock-flirts-with-key-technical-levels\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-30T00:43:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-01T18:19:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/DKNG-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-flirts-with-key-technical-levels\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-stock-flirts-with-key-technical-levels\/\",\"name\":\"DraftKings Stock Flirts With Key Technical Levels\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-flirts-with-key-technical-levels\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-flirts-with-key-technical-levels\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/DKNG-1.jpg\",\"datePublished\":\"2023-12-30T00:43:37+00:00\",\"dateModified\":\"2024-01-01T18:19:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"DraftKings Stock Encounters Key Support Areas.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-flirts-with-key-technical-levels\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-stock-flirts-with-key-technical-levels\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-flirts-with-key-technical-levels\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/DKNG-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/DKNG-1.jpg\",\"width\":1200,\"height\":675,\"caption\":\"DraftKings stock highlighted at the Nasdaq market site. 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