Hey DFL , I imagine you've taken a look at the MACD again on the Hourly. This is why in my view, market indicators showing Oversold, can always 'Oversell some more'.. I see it so often. And I generally get 'howled down' when I mention it.
I don't find (for me) the indicator is that reliable (on it's own of course, perhaps if taken with a few other indicators it might increase outcome) Or maybe it's a 'tad' more reliable if looking at Divergences, but I can rarely use it.
Sure , the market at the moment is more volatile than usual, but I don't think it matters that much.
If you're looking at longer term, and in conjunction with other indicators, it's probably fine, but I tend to look at short medium term.
eg.
The MACD 'Buy' signal at $31.90 ish you mentioned.
24 hours ? later, $29.56.. The 'Oversold' buy signal has just Oversold a whole lot more. this is very common.
Anyway, I hope this gives the Bankstas a little chance to reduce their shorts once and for all!
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