Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
Technical Analyst, Saxo Bank
Just Eat has for several weeks been showing divergence on RSI which is an indication of a weakening of the downtrend. Two weeks ago, it formed a Bottom and Reversal pattern in the form of a Bullish Engulfing and broke above its steep falling trendline. All in all, strong indications of a rebound.
A rebound that could take Just Eat to resistance at around 36.65.
Short-term Just Eat is at the time of writing testing at 19.25. A daily close above and the short-term uptrend is confirmed. Next resistance is at 22.29.
IF Just Eat closes below 16.21 this scenario is reversed.