I am a big fan of Formula 1. I rarely miss a race. Yet, when it comes to predicting the winner of the drivers’ championship 2014, F1 news and lap times don’t make a difference. I simply apply basic technical analysis on betting charts. So, how do Hamilton’s and Rosberg’s charts look like at Betfair?
Both charts show declining odds. No surprise there as the Mercedes drivers have topped the racing results’ tables quite often this season. As a matter of fact, the 2014 title will be decided between the two, unless something extraordinary happens in the remaining races.
Rosberg currently is in the first place of the driver standings with 190 points, followed by Hamilton of course, just 14 points short. Only Ricciardo holds a three-digit score (106), while Alonso is in fourth place with 97 points.
But, enough with the facts, on to the prediction!
2014 Formula 1 World Champion: Rosberg
No, it’s not because Hamilton is 14 points behind already. I told you; my predictions are based on technical analysis.
This kind of analysis points out the double top at the Hamilton’s chart. While a double top formation usually indicates a resistance, in this chart the initial top has signaled the end of the down trend. The second top just tested that resistance – and confirmed it.
What’s more, odds resumed falling but didn’t match the previous low at 1.28. That is another indicator that Hamilton’s odds won’t be decreasing any time soon.
On the other hand, Rosberg’s odds have been dropping without any significant retracement if we ignore the short-lived pullback in the middle of the chart. Even that retracement though tested the previous support level at 6.0 before the downtrend resumed. The same can be said for Hamilton’s recent pullback to 3.00, but the failed bottom is a giveaway.
Does technical analysis predict future odds movements and final results in Formula 1 or other sports? That’s a big debate and certainly chart analysis is not a bulletproof system to win in online betting. I’m sure those of you who are into sports trading, should be a lot more familiar with the term. Yet, if you play your hands right and calculate your risk/reward ratio of your bets beforehand, you’ll realize I only need to make a correct prediction a little more than half of the time to make money in the long run. And it’s the long run that counts.
Will you be betting on the Formula 1 drivers’ championship this season? Let me know in the comments below.