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TAKE PROFITS Flutter Entertainment (FLTR)

Close Flutter Entertainment (FLTR) at 15,985p

Flutter’s recent price action looks like the stock is starting to top out…

After a stellar run higher which has been fuelled by a strong performance in its US sport betting arm FanDule, the trend has shown signs of ‘buying exhaustion’ in recent weeks.

First, we had a large spike higher on 11th April which formed a ‘bearish reversal candle’, this has been followed by a retest of the spike highs and a ‘bearish gap lower’ which formed last week.

We must be mindful of these technical indicators because Flutter trades on an expensive forward PE of 35 – hence there’s plenty of scope for a pullback.

We are therefore more than happy to crystallize our profits at current prices.

Profit = +48.9%

FLTR Daily Candle Chart