• Flutter Entertainment stock has shown steady but good growth since the past year.
• Investors have made around 70% of the stock in the last 1 year.
• This growth is backed by strong financials consistently.

Flutter Entertainment is an online sports and betting company that operates in multiple countries. The company was founded in 1988 and is headquartered in Ireland. The company has had a fair financial history with ups and downs but the last 2 quarters have been positive in terms of earnings. The stock has also given good returns in the past year and it created a high of £16725 in May and has seen a slight slump since then, probably because of profit booking.

Technical Analysis For the Flutter Entertainment Stock 

We can clearly see in the daily chart how the stock has covered a complete cycle all the way from the accumulation to the distribution stage. The stock made a high of £16725 in May and has been trading sideways since then. 

The £14000 level has now become a strong support for the stock as it has respected it thrice now. 

The big question now is what the future looks like since the stock has already given huge returns. The stock is near its all-time high and it has also seen rejections from this level before. Chances for the stock to slump below £14000 are low unless there is a negative sentiment in the market. 

On the hourly chart, we see the stock touching its support at £14000 and a sharp buying can be observed from there and the current levels at £14755 look strong, so a downside from here is less likely. If the stock moves upwards, then the upside targets are £15000 and £15200. If the stock price moves down, then the target would be £14500 followed by £14300. 

Conclusion

The stock is quite strong in terms of price and financials but it is also very near its all-time high. Although it is a great investment, investors should look for lower levels to enter so as to generate larger returns. The current movement is sideways and thus the next 1-2 months become crucial. A strong confirmation must be awaited before entering.

If the current upward move continues, investors can enter for small targets like £15500 to £16000, but only if the stock gives a healthy upside move with good volumes.

Major Technical Levels

• Support zones- 14450£ followed by 14000£ 

• Resistance zones- 15000£ followed by 15215£.