An overbought reading occurs when the close is nearer to the top band than the bottom band. The market is overbought and appears to be encountering resistance. Look for a top in this area. Confirming this, the market just signaled a bearish key reversal off a 9 bar new high. Volatility is trending up based on a 9 bar moving average.
Momentum is in bearish territory.
Rate of Change is in bearish territory. And, a bearish key reversal off a 9 bar new high here suggests a downside move is likely. A signal is generated only when the CCI crosses above or below the neutral center region. Initiating signals when CCI crosses zero, rather than waiting for CCI to cross out of the neutral region can often help overcome this. The current short position will be reversed when the CCI crosses above zero.