TRON / Dollar intraday: the RSI is overbought

Our pivot point stands at 0.2785.

Our preference: the upside prevails as long as 0.2785 is support.

Alternative scenario: the downside breakout of 0.2785 would call for 0.2755 and 0.2737.

Comment: the RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.2794 and 0.2790). Finally, the TRON / Dollar has crossed above its upper Bollinger band (0.2811).

Supports and resistances:

0.2905 **

0.2887 *

0.2869 **

0.2851

0.2815 last

0.2797

0.2785 **