OLED broke up from it's C&H pattern a while back..the last daily candle from Friday is a indeterminate.
Long with some caution...
It is not overbought or oversold and RSI is pointing down. I have noticed RSI direction can change in a heartbeat but by definition RSI is a leading indicator precedes a price move. It was recently overbought on the RSI indicator and there is a possible recent divergence on daily but not on the weekly time frame. In a bull market, some set overbought levels up to 80, even 90 and oversold levels at 30 to 40. This is not standard though.
Divergences can be powerful analytical tools that can help identify ‘dishonesty’ with the price action. Divergences can give traders a heads-up when a bullish or bearish swing may reverse but I find divergences to be more correct on the weekly time frame. I have noticed divergence are not always immediate price changes and may take weeks or months in this market to be a factor. As stated the divergence is Not there on weekly, but this is an example of a bearish divergence. Price forming a upward trendline and the RSI forming a downward trendline is a divergence but some use the weekly chart to confirm a convergence. I feel at the very least, a divergence on the daily rsi should be noted and then double checked on the weekly time frame. In a downtrend it is best to look for divergences on the valleys instead of the peaks.
RSI is a momentum indicator as well as an indicator for oversold and overbought levels. RSI divergence indicates that the current trend is losing strength. But price can continue up after a divergence for quite a while, especially in this crazy market. I am just basically pointing out the divergence. The RSI on this chart is set at 9, 80 and 30.
I did not get in this one early (wish I had but I can not buy everything) so if i were to buy OLED, I would wait for some sort of pull back or watch it closely. We are all different and all we can do is make an educated guess
Not a recommendation..
There are no shortcuts on the road less traveled (o:
Long with some caution...
It is not overbought or oversold and RSI is pointing down. I have noticed RSI direction can change in a heartbeat but by definition RSI is a leading indicator precedes a price move. It was recently overbought on the RSI indicator and there is a possible recent divergence on daily but not on the weekly time frame. In a bull market, some set overbought levels up to 80, even 90 and oversold levels at 30 to 40. This is not standard though.
Divergences can be powerful analytical tools that can help identify ‘dishonesty’ with the price action. Divergences can give traders a heads-up when a bullish or bearish swing may reverse but I find divergences to be more correct on the weekly time frame. I have noticed divergence are not always immediate price changes and may take weeks or months in this market to be a factor. As stated the divergence is Not there on weekly, but this is an example of a bearish divergence. Price forming a upward trendline and the RSI forming a downward trendline is a divergence but some use the weekly chart to confirm a convergence. I feel at the very least, a divergence on the daily rsi should be noted and then double checked on the weekly time frame. In a downtrend it is best to look for divergences on the valleys instead of the peaks.
RSI is a momentum indicator as well as an indicator for oversold and overbought levels. RSI divergence indicates that the current trend is losing strength. But price can continue up after a divergence for quite a while, especially in this crazy market. I am just basically pointing out the divergence. The RSI on this chart is set at 9, 80 and 30.
I did not get in this one early (wish I had but I can not buy everything) so if i were to buy OLED, I would wait for some sort of pull back or watch it closely. We are all different and all we can do is make an educated guess
Not a recommendation..
There are no shortcuts on the road less traveled (o: