An overbought reading occurs when the close is nearer to the top band than the bottom band. The market appears overbought, but may continue to become more overbought before reversing. Given that we closed at a 45 bar new high, the chance for further bullish momentum is greatly increased. Look for some price weakness before taking any bearish positions based on this indicator. Volatility is in a downtrend based on a 9 bar moving average.
Momentum is in bullish territory.upside move is likely.
And, the market put in a 45 bar new high here. More highs are possible. Rate of Change is in bullish territory. And, the market put in a 45 bar new high here. More highs are possible.