Industry news triggered a drop of 10.88% in DraftKings’ stock (DKNG) price last Wednesday. The daily session ended with a print of $28.26.
That price was 2 cents above the stock’s best respected daily moving average body support line – the 49-day EMA – that registered in January 2023:
The following day the stock’s price continued down for about half a dollar, and closed at $27.75, one cent below DKNG’s best respected moving average wick support line – the 56-day EMA:
The price drop brought the support lines on the weekly chart into play as well:
DKNG’s price parked on Thursday’s night between the wick and the body weekly support lines, with one additional trading day remaining to finalize the weekly candle.
Then came Friday. And DKNG roared back up 5.91%:
The weekly chart reported BAU (business as usual). Both weekly support lines were respected:
The market opens again on Monday. We’ll be here to watch DKNG.