EDITED: overbought with the buying pressure & resistance on daily SMA100 is indicative of possible breakout..
the signal alone is not very useful..
Edit..
PS, with the BBs so tight here on the 60min, the W%R will bounce easily between overbought/oversold.
key is knowing the stock & how it trades... imo
we have great support & loading/buying on the bid in the .076-.08 range... the overbought indicators is basically showing you the top of the current channel... it's getting really tight & hard for traders to flip for profits..... i'd expect us to start trading between .082 & .09 either tomorrow or early next week.
of course any substantial news & this will move higher.. imo downside risk is very low here.