By 
Morrisons’ share price surged on Friday, following the supermarket chain’s decision to accept an improved takeover offer from CD&R, valued at 285 pence per share. This offer surpasses the earlier bid from a consortium led by Fortress Group.
The new offer from U.S. private equity firm Clayton, Dubilier & Rice is worth £7 billion, leading shareholders to favor it over Fortress Investment Group’s £6.7 billion offer. A final approval vote is expected soon.
Morrisons’ share price has seen a significant rise, climbing 4.27% this week. This continues a remarkable run for the stock, which was trading for less than 180p just two months ago and is now up by 61%.
For the weekly candle to confirm a breakout, it needs to close above the 287.6 price level. This would open the way toward the 300.00 psychological resistance, which also marks the previous high from August 27, 2013. Beyond this level, the next target is the September 9, 2013 high at 312.3, with the all-time high of 339.7 becoming the subsequent focus.
Conversely, if the price corrects and falls below 270.2, it could trigger a deeper decline, with support levels at 257.3, 249.9 (the high from January 9, 2017), and 243.9 coming into play.