Flutter Soars 3.01% on Bullish Engulfing Pattern as $215.22 Confluence Resistance Looms

Flutter (FLUT) closed the most recent session with a 3.01% increase, indicating a short-term bullish bias. Candlestick Theory analysis reveals a strong green candlestick following a prior bearish phase, suggesting potential reversal. Key support levels are identified at $207 (immediate) and $190 (prior low), while resistance clusters around $215.22 (recent high) and $234.45 (previous peak). A bullish engulfing pattern forms as the recent rally absorbs prior bearish momentum, with the price now testing the upper boundary of a descending channel.
Moving Average Theory indicates a bearish medium-term bias, with the 50-day ($220), 100-day ($230), and 200-day ($240) moving averages all above the current price. However, the 50-day MA is approaching a potential crossover above the 100-day, signaling a possible short-term reversal. The price’s proximity to the 50-day MA suggests traders are testing near-term strength, with a break above $215.22 likely to trigger a retest of the 100-day MA.

MACD & KDJ Indicators show divergences. The MACD histogram is expanding positively, with the MACD line above the signal line, reinforcing bullish momentum. However, the KDJ stochastic oscillator shows %K crossing above %D in overbought territory (>80), suggesting caution for a near-term pullback. While MACD supports continuation, the KDJ’s overbought condition warns of potential exhaustion.
Bollinger Bands reveal a recent expansion, reflecting heightened volatility. The price is currently near the upper band ($215.22), a typical overbought threshold. If the bands contract again, it may precede a breakout; however, a failure to hold above the middle band ($211.48) could signal a reversal.
Volume-Price Relationship validates the recent rally, with trading volume surging to 2.1 million shares, above the 30-day average. This aligns with the price action, suggesting the bullish move is supported by strong institutional participation. However, divergences may emerge if volume declines during future rallies without price confirmation.
Relative Strength Index (RSI) is approaching overbought territory (>70), a warning that corrections are probable. While strong trends can sustain overbought conditions temporarily, a failure to hold above 70 may trigger profit-taking. The RSI’s alignment with Fibonacci retracement levels (discussed below) highlights confluence at the 38.2% level ($220), where a bounce or breakdown could dictate the next directional move.
Fibonacci Retracement levels highlight critical decision points. The 38.2% retracement at $220 and 50% at $200.50 are key. The current price near $214.78 is approaching the 38.2% level, which, if held, could initiate a counter-trend rally. A breakdown below $208.5 (the 23.6% level) would target $200.50, reinforcing bearish bias.
Confluence is strongest at $215.22 (Bollinger upper band, Fibonacci 38.2%, and prior resistance), where a breakout with expanding volume would validate a continuation. Divergences between KDJ and MACD suggest caution, as overbought RSI and Fibonacci levels hint at potential exhaustion. Traders should monitor volume during tests of $215.22 and $208.5 for sustainability.