Flutter Plunges Below Key Support at $285 as Bearish Signals Intensify

Candlestick Theory
Flutter's price action reveals critical bearish signals. The most recent session formed a decisive bearish candle closing near its low at $281.09 after a $9.46 intraday range, breaking below the pivotal $285 support established over prior sessions. Earlier price structures show multiple rejection wicks near $292–$295 (September 8–11), solidifying this zone as resistance. A late August breakdown below the $300 psychological level preceded accelerated declines, confirming bearish control. Current action suggests vulnerability to test the $275–$270 support zone, where consolidation occurred in early August.
Moving Average Theory
The moving average configuration signals entrenched bearish momentum. The 50-day MA (~$284) has crossed below both the 100-day (~$290) and 200-day MA (~$275), forming a "death cross." Recent prices trade below all three key averages, with the 200-day MA now acting as dynamic resistance. The declining slope of the 200-day MA corroborates a long-term downtrend, while successive failures to reclaim the 50-day MA underscore persistent selling pressure. This multi-timeframe alignment signals enduring bearish control.
MACD & KDJ Indicators
MACD exhibits a bearish trajectory, with its signal line maintaining negative territory since late August and histogram bars expanding downward. This indicates accelerating downward momentum. KDJ oscillators align with this view: The K-line (27) and D-line (32) are submerged in oversold territory (<30), while the J-line (17) nears extreme oversold readings. However, sustained oversold conditions without reversal signals in MACD suggest caution against premature bullish expectations, as momentum remains decisively negative.
Bollinger Bands
Bollinger Bands highlight elevated volatility and directional weakness. The September 12th selloff pushed prices to the lower band ($280.13), with the bandwidth expanding sharply after a contraction in early September—a typical precursor to directional moves. Price acceptance below the 20-period moving average midline denotes bearish dominance. Repeated closes near the lower band without recovery indicate persistent selling pressure, though a technical rebound toward the midline ($290) could emerge if volatility normalizes.
Volume-Price Relationship
Volume analysis validates bearish conviction. The August 8th capitulation candle saw record volume (7.32M shares) on an 8.32% decline, establishing heavy resistance near $293. Recent down days (September 5: -2.45%, September 12: -3.79%) accompanied above-average volume, confirming institutional distribution. Conversely, modest rallies (e.g., September 9: +1.35%) lacked volume conviction, undermining sustainability. This divergence between volume and price direction reinforces the dominant downtrend.
Relative Strength Index (RSI)
The 14-period RSI sits at 28, deep in oversold territory (<30). While this typically suggests exhaustion, historical context tempers optimism: Flutter sustained sub-30 RSI readings for extended periods during the June–July 2024 decline. Moreover, multiple oversold rallies failed to breach the 50 RSI midline. Current oversold conditions may precede a technical bounce, but recovery above 50 RSI is essential to signal genuine trend reversal potential.
Fibonacci Retracement
Applying Fibonacci to the swing high of $309.38 (August 29) and the swing low of $219.50 (October 11, 2024) reveals critical levels. The 50% retracement ($264.44) aligns with June–July 2024 congestion and offers major support. The 61.8% level ($276.70) was breached decisively in early September, converting it to resistance. Current trading below the 38.2% retracement ($281.50) signals bearish dominance. A sustained break below $275 would expose the 50% level ($264.44), where buyers may re-emerge.
Confluence & Divergence Synthesis
Confluence strengthens bearish expectations: Moving average alignment, volume-backed breakdowns, and MACD/KDS momentum all validate downside pressure near $275–$270. The only bullish confluence lies in extreme oversold RSI/KDJ readings—a weak catalyst without price reversal confirmation. A critical divergence exists between oversold oscillators and persistent new lows, typical of strong trends. Should RSI/KDJ form bullish divergences (higher lows) against price making lower lows, it would signal potential exhaustion. Until such divergence emerges, technical structure favors continuation toward the $264.44 Fibonacci support with short-term rebounds capped near $292 resistance.