RSI shows a bearish divergence signaling an imminent pullback. However, the two peaks of the RSI look like they could be overcome by the most recent breakout and price move to the all time high. The RSI bearish divergence was present in a lot of major cap plays, including Facebook, and has caused many stocks to pull back. However, this recent move higher looks like it could break the divergence of there RSI, consistent with the MACD showing bullish momentum growing to the upside.
For now, I am bullish keeping in mind the risk of the divergence playing out if the RSI makes a third lower high.
For now, I am bullish keeping in mind the risk of the divergence playing out if the RSI makes a third lower high.
Shorter time frames look a bit exhausted. Could see brief pullback to 204 to test resistance flipped to support, or even further to channel support.
Plan is to scale in at one of those levels.