William Hill -6% Gap FillWilliam Hill has gapped up, so I expect this gap to be filled, giving short sellers an opportunity for 6% profit.
Williamhill
William Hill Technical AnalysisWait the right signal to buy
William Hill (L:WMH) became the latest company to post a plunge in revenue as sports betting volumes collapsed and it was forced to close its retail network of betting shops. But shares jumped 10.1% amid the broader rally.
William hill – Bearish break, Three-way deal endsWeekly chart pattern – Flag and pole
The chart currently shows a bearish break from flag formation, although confirmation depends on whether today’ day end close is below 311 levels.
If it does, the doors would open for a fresh sell-off to Brexit day low of 235.60.
Stock news – As per Reuters report, Casino and bingo hall operator Rank Group Plc and online gambling company 888 Holdings Plc have withdrawn their proposal to combine with rival British bookmaker William Hill Plc.
William Hill – Eyes 100-DMAWilliam Hill is back in news after the company rejected a fresh bid from Rank and 888.
The shares are down 3.45% as I write. On the daily chart, today’s candle engulfs gains of last four trading sessions. Last week also marked failure to sustain above daily 200-MA level.
Consequently, prices could be heading lower to daily 100-MA level of 305.18 over the next few days.
On the higher side, only day end close above 200-DMA would signal continuation of the rally from June 24 lows.
Watch detailed analysis of takeover attempt of William Hill by Rank & 888 here - www.youtube.com
