Looking somewhat overbought, another drawdown?

BAE Systems is currently trading at 1390p a share, with its share price sitting at all-time highs, the risk-reward is heightened due to no resistance above. The support for the near-term sits at 1,338p and then at 1,261p. A fall below 1,261p could see the price pullback towards the upper trendline support. Looking at the history of the chart, we can see a pattern of higher highs followed by higher lows. Hence, a break below 1,261p would not necessarily suggest that a longer-term bearish trend is underway. However, looking at the MACD technical indicator, we can see that short-term drawdowns can occur. Back in May of 2023, we can see when the MACD line moved below its signal line, the price was pulled lower. The current MACD level seems to have crossed again, therefore, caution needs to remain with the anticipation of a potential drawdown. Though this is not always guaranteed. The RSI is also pointing to overbought conditions as it hovers around the 70 mark, with a potential bearish divergence as highlighted by the descending trendline.