Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>DraftKings Stock price (NASDAQ: DKNG) corrected 20% (approx.) after hitting the 52-week high.&nbsp;</a> </li> 
 <li> <span>2</span> <a>DKNG stock retraced down to the 50-day EMA.</a> </li> 
 <li> <span>3</span> <a>DraftKings Inc beat the quarterly earnings estimates.&nbsp;</a> </li> 
</ul> 
<p>DraftKings stock price (NASDAQ: DKNG) corrected approximately 20% from the recent swing high. It witnessed profit booking after the release of quarterly earnings.&nbsp;</p> 
<p>DKNG stock faced rejection from $34.00 and lost the upward momentum. It reverted down and showed initial signs of a short-term bearish trend reversal. However, the confirmation is still awaited.&nbsp;</p> 
<p>DraftKings stock price is near the 50-day EMA which showcases that the trend is in an upward direction. Moreover, the 200-day EMA slopes upward denoting an uptrend and a minor sell-off will be easily absorbed.&nbsp;</p> 
<p>At the beginning of July, DraftKings Inc. stock broke out of the $27.00 hurdle with a high volume. It formed a bullish Marubozu candle and surges 8% in a single day which increased the reliability of the breakout.&nbsp;</p> 
<p>Later, DKNG <a href="https://www.thecoinrepublic.com/2023/07/29/draftkings-stock-will-dkng-stock-hit-new-highs-after-earnings/" rel="noopener noreferrer nofollow">share prices</a> rallied more than 25% (approx.) in a short span of time and hit a 52-week high at $34.49. However, due to earnings the momentum in the stock halted and prices retraced down.&nbsp;</p> 
<p>DraftKings Stock price closed the previous session at $29.36 with an intraday decline of -0.10%. The market capitalization stands at $13.62 Billion.</p> 
<h2 class="wp-block-heading" id="strong-draftkings-stock-price-looks-cheap-and-attractive-strong"><strong>DraftKings Stock Price Looks Cheap and Attractive</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/vQ5bw_RK541vVuMrn37PDRgDr0BODR63vXtr-6hrOVd-MK6NhgCflmP4mIcC3nwLHJBc6k5KSxX8geXULroRVNKlD58miw9GaxO8P9vdaqRFaIdg0FCBnbQoH8LcXNOIb4-AG832NAwoJZZsH9iQzoA" alt="DraftKings Stock: Is the downfall in DKNG Stock Temporary?"> 
  <figcaption class="wp-element-caption">
    NASDAQ: DKNG daily chart by <a href="https://www.tradingview.com/x/DLDSUJfD/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>DraftKings Stock price (NASDAQ: DKNG) performed well in the past few months. It generated quite satisfied returns and grabbed the attention of long-term investors.&nbsp;</p> 
<p>DraftKings Inc. released the previous quarter earnings on August 3, 2023. It reported an EPS of -0.17 and revenue of $875 Million. Surprisingly, the company beats the EPS as well as revenue estimates by 30.67% and 14.45% respectively.&nbsp;</p> 
<p>Despite that DKNG stock price reacted negatively and fell 5.84% after earnings. The technical analysis suggests <a href="https://www.thecoinrepublic.com/2023/07/29/draftkings-stock-will-dkng-stock-hit-new-highs-after-earnings/" rel="noopener noreferrer nofollow">DKNG stock</a> is now at attractive levels and prices might take a bounce from the support.</p> 
<h3 class="wp-block-heading" id="strong-dkng-stock-is-near-to-crucial-support-strong"><strong>DKNG Stock is Near to Crucial Support</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_5d38e"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
 </div> &nbsp;&nbsp; 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NASDAQ:DKNG",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "dark",

  "style": "1",

  "locale": "en",

  "enable_publishing": true,

  "allow_symbol_change": true,

  "studies": [

    "STD;Supertrend"

  ],

  "container_id": "tradingview_5d38e"

}

  );

  </script> 
</div>  
<p>DKNG stock price fell 7.40% in the previous week and formed a bearish candle. However, the prices are near to the crucial support so the probability of bounce back remains high.&nbsp;</p> 
<p>The MACD curve slopes down but still sustains above the zero line. It indicates mild bullishness and the downside looks limited. The RSI at 48 slopes sideways denoting neutral territory and balance between bullish and bearish positions.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>DraftKings Stock price (NASDAQ: DKNG) is near the demand zone and buyers are trying their best to rebound. The downfall in the DKNG stock looks temporary and prices might bounce back in the coming session.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $32.0 and $34.00</li> 
 <li>Support levels: $27.00 and $22.66</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>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.</p>

DraftKings Stock: Is the downfall in DKNG Stock Temporary?

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Thecoinrepublic.com

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