$BNX Momentum Surge Could Hit Resistance – Prepare for a Reversal
BNX on the short term chart shows a strong bullish momentum, RSI (12) at 81.65 signals extreme overbought conditions, while the MACD remains positive. However, with such high RSI levels, a pullback or consolidation may be on the horizon, especially near the $1.2918 resistance level.
On the hourly chart, the price momentum remains solid with RSI (12) at 86.67, still in overbought territory, and MACD showing continued bullish strength.
A breakout above $1.2898 may lead to a push towards $1.347, but traders should be cautious of the high RSI levels signaling potential profit-taking and retracement.
On the daily chart, BNX shows a recovery from its previous lows around $1.0909, pushing up to $1.2898. RSI (12) at 49.12 indicates neutral momentum, but with the upward trajectory and support from the moving averages, the price could continue its rise towards $1.3613 (MA 25). However, a pullback to $1.2004 or lower should not be ruled out as momentum begins to slow.
Traders should closely monitor the $1.2918 resistance level for potential reversals, as overbought conditions suggest a correction may be imminent.
