Technical Analysis Weekly chart is overbought with RSI above the 75 zone and finally breaking below. Daily DMI and MA crossover signaling a reversal play from 132 to 122 if it breaks the 130 area within the next week or two.
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Comment
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I expect some support at the fib 0.23 level before a further push downward as EMA's follow and create lower resistance levels.
Comment
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Technical Analysis Price has found some support on the 1D 100EMA/ Weekly 20EMA and bounced off for a push upwards. We might expect a move up as high as 134 before it find resistance and we see a continuations.
The EMA support also coincides with Fib level 0.23.
The push upwards is due to RSI and William %R on the 1D being at low levels. However, we still see a downward potential on the Weekly William %R and RSI and the ADX needs to reset to the median
Comment
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We need resistance at 134.50-135.2 for the Short reversal to be confirmed. If it breaks the 135.20 level we are back on a Long continuation.