Technical Update - Novo Nordisk uptrend stretched. A correction is looming

Medium- and longer-term: Novo has formed a Bearish Engulfing candle a couple weeks ago after hitting the upper band in the rising channel. There has been RSI and Volume divergence during the entire uptrend from Q4 2021 i.e., the Strength Indicator and traded volume have been declining while the share price has been rising. That is a warning sign of a trend weakening.
If weekly RSI closes below its lower rising trend line it is indication of Nove could drop to test the lower rising trendline in the rising channel.

Monthly chart shows almost similar pattern as the weekly chart. Rising channel and declining RSI and Volume meaning divergence. The uptrend in price is weakening. Divergence on RSI cannot go on forever.
For these price exhaustion patterns to be cancelled and reverse a close above 976.30 is needed following new higher RSI value.
If Novo is failing to close above 976.30 and instead slides lower it could test the lower rising trendline. A break of the trendline the key support at around 730.60 could be tested.
Next couple of weeks could be decisive for the medium-to longer-term trend.

RSI divergence explained: When instrument price is making a new high/low but RSI values are not making new high/low at the same time. That is a sign of imbalance in the market and an weakening of the uptrend/downtrend. Divergence or imbalance in the market can go on for quite some time but not forever. It is an indication of an exhaustion of the trend