Damn the torpedoes (or UK Regulators): Microsoft looks for ways to close Activision deal | Forexlive

Microsoft is reportedly exploring ways to proceed with the $69 billion acquisition of Activision Blizzard, despite a veto on the deal by the UK regulators.

This course of action would likely lead to legal action from the UK’s Competition and Markets Authority (CMA). Potential options being considered include Activision pulling out of the UK or Microsoft proceeding with the acquisition and challenging the CMA in court.

Damn the torpedoes (or UK regulators). Full speed ahead.

Microsoft shares are trading up $2.55 or 0.77% at $330.90. Microsoft reached a high of $335.94 earlier this week that was the highest level going back to January 2022. The all-time high price for Microsoft is at $349.67. The low price today reached $324.72

Meanwhile, Activision Blizzard shares are trading up $0.41 or 0.51% at $80.61. Shares reached a high of $87.01 back on April 25.

Looking at the hourly chart of Microsoft, back on March 24, the corrective lows stalled against its rising 100 hour moving average (blue line in the chart below), and found willing buyers. That moving average currently comes in a $319.07 and rising. It would take a move below that moving average to tilt the bias in the short term back to the downside with the 200 hour moving average the next target at $310.01 (and moving higher too).