🔴 RSI Overbought Strategy | Relative Strength Index | Stock Market | Forex | crypto | Trading – 601
Crypto, stocks overbought? Is there even such a thing?
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Investopedia says the following about in its explanation of the use and definition of the Relative Strength Index, RSI;
“Traditional interpretation and usage of the RSI is that RSI values of 70 or above indicate that a security is becoming overbought or overvalued, and therefore may be primed for a trend reversal or corrective pullback in price. On the other side of RSI values, an RSI reading of 30 or below is commonly interpreted as indicating an oversold or undervalued condition that may signal a trend change or corrective price reversal to the upside.”
In other words once a stock moves above the RSI level one should look to sell since it is what is referred to as overbought, or too extended.
This frankly is a rather odd explanation of the RSI since it will not take a but a few minutes of research to rebut this presumption.
I have taught for years that the RSI is in essence what it says it is – a measure of STRENGTH which means that when a stock is above 70 (actually 69.1 is the precise level as explained in detail if you follow the link below) one should expect great odds of favorable price behavior (as long as the RSI holds above 69.1).
✅ “Stock Charts RSI 30 Level & RSI 70 Level Explained”
I encourage you to back-test everything you read about how the stock market works from a technical standpoint since many of the educational resources do have some aspects of technical analysis plain wrong.
$HMNY
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