Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>DraftKings stock price is below the 50 EMA curve taking support on 100 EMA.</a> </li> 
 <li> <span>2</span> <a>DKNG stock price is currently facing profit booking.</a> </li> 
</ul> 
<p>DraftKings stock price is facing strong bearish pressure on the daily technical charts, as it breaks below the 50 EMA. The stock has failed to break above its key resistance level of $34, facing heavy shorting below it.</p> 
<p>DKNG stock is currently trading near $28.37, with a marginal loss of 1.01% in the intraday session. The stock has a potential upside target of $35, but it needs to overcome the bearish momentum and surge above the 50-day EMA. The stock has a support level of 100 and 200-day EMAs, which could prevent further downside.&nbsp;</p> 
<p>DKNG stock price prediction suggests that the stock is in the firm grip of the bears and needs to show signs of reversal before confirming a bullish trend.</p> 
<p>The technical indicators favor the bears projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillator are moving near the overbought zone whereas the 50 and 20 EMA curves are acting as barrier points for DKNG stock price.</p> 
<p>The company has shown remarkable performance throughout the year. However, the stock price has witnessed weakness in recent times as profit booking is seen in the stock price.</p> 
<h2 class="wp-block-heading" id="strong-technical-analysis-is-more-downside-imminent-in-the-draftkings-stock-price-strong"><strong>Technical Analysis: Is More Downside Imminent In the DraftKings Stock Price?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" loading="lazy" width="1024" height="466" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-157-1024x466.png" alt="" class="wp-image-174049" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-157-1024x466.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-157-300x136.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-157-768x349.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-157-750x341.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-157-1140x519.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-157.png 1433w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: DraftKings.1D.NASDAQ by <a href="https://www.tradingview.com/x/l7t55HG9/">TradingView</a>
  </figcaption>
 </figure>
</div> 
<p>DraftKings stock (NASDAQ: DKNG) is trading under the 20 and 50-day daily moving averages (DMAs), which are not upholding the price trend.&nbsp;The current value of RSI is 45.04 points. The 14 SMA is below the median line at 45.92 points which indicates that the DraftKings stock is bearish.</p> 
<p>The MACD line at -0.3094 and the signal line at -0.1685 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the DKNG stock price.</p> 
<h3 class="wp-block-heading" id="strong-weekly-time-horizon-analysis-strong"><strong>Weekly-Time Horizon Analysis</strong></h3> 
<p>The weekly charts of DraftKings <a href="https://www.thecoinrepublic.com/2023/09/27/draftkings-stock-fell-in-sep-dkng-stock-recover-in-october/">stock</a> reveal that the sellers have been dominant. The stock is struggling at the current levels as it broke below the 200 EMA. The technical indicators confirm bearish sentiments, as the RSI is below the 14 SMA curve while the MACD has formed red bars and a bearish crossover. These signals indicate that the stock may face more downward pressure in the upcoming weeks.</p> 
<h4 class="wp-block-heading"><strong>Summary</strong></h4> 
<p>DraftKings stock facing corrective moves in the daily and weekly timeframe. The stock price is currently stuck between the 50 and 100 EMA indicating a bearish outlook on the daily time frame. Indicators like MACD and RSI are giving bearish signals. However, if buyers support the stock price, it would probably bounce back from the 100 EMA curve.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support Levels:</strong> $27.00 and $24.66</li> 
 <li><strong>Resistance Levels: </strong>$32.61 and $34.44</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.</p>

DraftKings Stock: Will DKNG Stock Price Break Below 200 EMA?

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