I rode the trend for Standard Charted for some time already but it looks like it is due for some kind of pullback. In recent days, the prices rode higher and kept flirting with the $200 level. In fact, as of last Friday's close, it sat right at the $200 level.
As the prices are making higher high and flirting with the $200, the accompanying volume is miserable -- you could tell by the divergence between prices and Force Index. If volume represents commitment from the buyers to bid prices higher, that commitment calls into question in my opinion. On top of that, histogram is showing that momentum is wanning even though it managed to stay above equilibrium the whole time.
Looking from the fib perspective, we are at important level.
Well, time to lock your profits if you ask me. The divergence confirms my decision. Ideally, I would like to see around the $200 region so lets see how things unfold next week.