Leo, I use a smoothed RSI - a 3-day moving average of a 14-day RSI. I don't feel that an unsmoothed RSI is very useful.
(I use this as part of a crossover system which I've found to be quite accurate. I won't share the parameters for the signal line, since I've been asked not to, and have already given away too much. :) )
The system is still bullish, and has NOT crossed-over to the downside. Just expressing caution - I don't sell until the crossover on the downside occurs. I do feel that IOM will go higher, and if it can move up here in the short-term, it could be quite a while before that crossover.
At the same time, I observe that every time in the recent past that the smoothed RSI has reached this level, the stock has moved down in short order. But, I AM comparing only with RECENT RSI peaks, and these are both different market conditions and a different situation for IOM. (At a critical breakout level.)
OBV does indeed look good (though I'm not a big fan of OBV) and I'm seeing just a tiny bit of a beginning of rising NVI on rising price, which I think is the best indicator I've seen of a roaring bull fueld by institutional buying. (That is, a sustained rising NVI on rising price is, not the current reading. But it's encouraging to see it making at least the faintest twitch.)
TRIX does indeed look good, though not overwhelmingly so (been drifting around after a cross-over in April).
Ain't no such thing as properly-interpreted technicals. It's all tea leaves. I pick the ones I like from day to day too... :)
Finally, the chart may have formed a high tight flag, with an objective of 25 on a breakout. I do think that the next 2 days are the "moment of truth" on the latter formation. Either it is one or it isn't one. We will know shortly.
Geez, this should be on the TA thread, sorry...
On the other hand, the non-existent trades at 21 3/4, and the non-existent slump at the close today are, indeed, hooey.
It's unfortunate that one can't express caution or doubt here without being jumped-on as a "short". You can't know someone else's position, so why presume that you do?
If anything, I'd expect shrewd shorts to be pumping the stock so that they can short from a higher price. Oh, but after this positive technical analysis, I MUST be short! |
