In this chart I have changed the RSI overbought/oversold...

In this chart I have changed the RSI overbought/oversold thresholds from 70/30 to 80/20 which is getting toward the extreme end of conditions. The 8EMA trace is a price hugging tradeable MA often used by shorter term traders and gives a good overview of the price trajectory.

There are only 3 cases on this chart showing the last 18 months where the price action has reached these extremes in either directon including the current leg. If you survey a lot of chart patterns you will find that this pattern is frequently followed by a  reversal. Scans used by traders will look for these conditions.

Each time it looks like something is brewing, e.g. yesterday morning when some solid buying kicked in pushing the SP up to 40 cents, someone comes along and throws a spanner in the works with a sizable offload. I can't figure it out, it something of an enigma for me, the basic fundamentals look solid and the company is essentially free of structural debt.

The short interest continues to fall to insignificant levels and except for a couple of opportunistic modest parcels post 4C on 26 and 27 July just a couple of odd small shorts.  If any of the heavies thought Alexium was a basket case they would be seriously short selling and they aren't. Maybe the lowish volumes might be a factor, could be perilous if a short squeeze develops.

Daily COB Auugust 28th