Chart was showing RSI over 70, which usually indic
Post# of 690
Posted On: 01/18/2013 12:24:35 PM
Chart was showing RSI over 70, which usually indicates an overbought scenario. Although not 100% indicative, it usually suggests that there will be some selling, as the RSI wants to be closer to 50. As of right now, it is at 55, so my guess is that we will start to see buyers come back and the price react accordingly.
It's not rocket science, but it seems to hold fairly true, which, ironically, is why it is used as a chart indicator.... LOL.
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