$BTW The daily RSI is 75, entering overbought territory.
When I was just learning technical analysis, I wanted to sell as soon as I saw the RSI go above 70. Later, I realized that an RSI above 70 is called overbought, and simply means that upward momentum has accounted for a large share of price movement during this period. In a one-way market, it can stay elevated for a long time. An overbought reading is not, by itself, a reason to sell.
Indicators can be wrong, so never skip a stop-loss: deciding in advance what you’ll do if your analysis is wrong is more important than getting your predictions right.
#BTW
When I was just learning technical analysis, I wanted to sell as soon as I saw the RSI go above 70. Later, I realized that an RSI above 70 is called overbought, and simply means that upward momentum has accounted for a large share of price movement during this period. In a one-way market, it can stay elevated for a long time. An overbought reading is not, by itself, a reason to sell.
Indicators can be wrong, so never skip a stop-loss: deciding in advance what you’ll do if your analysis is wrong is more important than getting your predictions right.
#BTW