I am now seeing the highest RSI value on the 60-min chart we have seen all year. The ONLY time it was higher was on Jan 5th the top - our 945 top - and it was only above this level for one day.
From a technical indicator perspective yes this looks like it will pull back but whenever indicators are at such extreme values its best to stay out. The last time I traded with big money on extreme indicators was the october crash - and of course the oversold conditions did not reverse - can this be the case here? I do not think so but I am not willing to put my hand in the fire for this.
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