Looking at the weekly it appears that SE is in overbought territory and will likely correct soon. There is clearly bearish divergence on the weekly chart but RSI has not dipped below 70 and closed there yet - this is the point to watch for confirmation of the trend reversal. Also, the weekly candle is sitting above the upper band of the Bollinger bands which is another tell-tale of overextension of the trend. The price will probably retreat till it touches the upper band again but if sell momentum is strong, the uptrend may breakdown. After rallying for almost a year without any pullback, my guess is that profit-taking is around the corner with earnings creeping up and this will be the catalyst for the trend reversal.
Trade active:
Strong selling today - 240 may be in the cards for this week
Comment:
yup, 240 :
