DraftKings Inc. DKNG shares are trading higher Wednesday, possibly moving after Cathie Wood’s Ark Invest grabbed 1.07 million shares estimated to be worth around $60.6 million.
DraftKings shares were purchased in the Ark Innovation ETF ARKK, the Ark Next Generation Internet ETF ARKW and the Ark Fintech Innovation ETF ARKF.
DraftKings is up 5.12% at $59.36 at the time of publication.
DraftKings Daily Chart Analysis
- Shares have been trading in a sideways channel, now nearing resistance and looking to break out of the channel.
- The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
- Each of these moving averages may hold as a possible area of support in the future.
- The $60 has held as resistance in the past and could again as the stock nears the level. The $45 level has previously been able to hold as a support level and could hold again in the future.
- The Relative Strength Index (RSI) has been moving lower and now sits at the 73 level. This means the stock has entered into the overbought territory where there is much more buying pressure than selling pressure.
What’s Next For DraftKings?
Bullish traders would like to see the stock be able to break above resistance and move higher. Bulls are then looking for the stock to hold above this level while consolidating for a potential next leg up.
Bears would like to see the stock be unable to cross the resistance level and start heading back lower. Bears would then like to see the stock fall below the moving averages and fall below the possible support level for a change in sentiment and trend.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.