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CI, it depends on what time frame you use as to what the RSI will show. On the year chart which has daily open close prices there has been no retrace for days and therefore the RSI is now 89. which is very overbought. (does not mean it won't go higher still, but the longer it satays above 80 and the higher it is above 80 means the chances of a fall in the SP are ever greater)
The daily chart with 15 minute intervals shows the RSI at 60.6.
So you use the chart time intervals in keeping with your likely buy/sell timeframe. Given that this is not a share to day trade because of size and spread it makes sense to look at the longer time frame interval chart(s)
on that basis a retrace to somewhere between 2.88-3.0p makes sense. However with this much momentum behind it, it may only retrace to 3.60p (I plucked that out of the air), just to unwind at least a bit. so its all about where it closes at the moment and as it refuses to close lower than before we have to wait. But, at some time it will fall and when it does that price may well then be the new Floor for further rises to bounce off.
As I said last week I am (longer term), looking more to 17p before I sell but as always, that's today. Tomorrow things may change and therefore so will my expectations and thoughts.
Been looking in to RSI as suggested by Wyndrum and the data shows RSI hitting highs (RSI70) when sp reached 4p and then retreats back (RSI 55) when sp lowers to 3.8. Seems followed a similar pattern when went from 2.4 to 3p and then 3 to 3.5p and today 3.5 to 4p so this this mean continued momentum upwards from TA perspective? @wyndrum- not sure if I read this right. But seems similar pattern over the past 2 weeks; from your experience what's ur interpretation on what this means? Cheers
Now I just need to ask Eve nicely if she will help me recover my massive losses in Metro Bank...
As cheryl would say.. GOOOAAAAANNNNNN
Congrats Lemming. Milestone. Onwards and upwards for profit.
:-) ta
Congratulations!
Now for the profit...
well done lemmy! You hung in and hung in......
4p paid too :)
and on a personal note, that's me broken even. Yay. didn't think that would happen this soon