Latest data: $MAGIC | Daily RSI(14) 75.5 | Overbought
Explanation: When Wilder first introduced the RSI, it was intended for commodity markets. Today, almost every market analysis tool includes this indicator.
How to read it: “Divergence” is a commonly discussed use of the RSI: when the price reaches a new high but the RSI does not, this is often seen as a sign that upward momentum is weakening. However, divergence can persist for multiple occurrences.
Comparing multiple data points is more reliable than looking at just one, but no number of indicators can provide a definitive answer.
#MAGIC
Explanation: When Wilder first introduced the RSI, it was intended for commodity markets. Today, almost every market analysis tool includes this indicator.
How to read it: “Divergence” is a commonly discussed use of the RSI: when the price reaches a new high but the RSI does not, this is often seen as a sign that upward momentum is weakening. However, divergence can persist for multiple occurrences.
Comparing multiple data points is more reliable than looking at just one, but no number of indicators can provide a definitive answer.
#MAGIC