New York's Proposal to Prohibit Sports Betting in Prediction Markets Like Kalshi Causes Stock Declines: Key Information to Consider
Impact of New Legislation: Shares of sports-related companies, including Genius Sports, DraftKings, and Flutter Entertainment, fell after a New York State bill proposed to ban sports-related prediction markets for residents.
Details of the ORACLE Act: The bill, known as the ORACLE Act, aims to prohibit betting on specific events within larger sporting events while allowing predictions on overall tournament winners, viewing it as a consumer-protection measure.
Emerging Prediction Markets: Despite the legislative challenges, prediction markets like Kalshi and Polymarket are gaining traction, with Kalshi recently achieving a $5 billion valuation and Polymarket seeking to re-enter the U.S. market.
Market Sentiment: Experts suggest that the current interest in prediction markets is part of a broader hype cycle, with potential for these platforms to evolve into significant data aggregators in the financial landscape.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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