What's bad about being Wms%R-overbought on a daily chart when it breaks out? Williams%R is used by insitutional managers as a BUY trigger.
Probably only good will come out of it. I mean, can't you just imagine the effects of a stock that is totally wound, nobody selling, and no shares available, BREAKING OUT?
I LOVE being overbought right now. It's like this stock is a rubber band that has been spun around our wrists for weeks ..... and is just being let go now.
A strong stock can stay overbought for a very long time while running. Isn't the definition of 'overbought' just an application of the amount of shares freely available against the float? It doesn't mean that the stock is in a weak condition. As long as there is buying pressure, the stock can remain as overbought as it wants to. As long as nobody is willing to give shares up, this thing will run and run and....
Did you see all those matched trades today?
Try thinking of it this way:
How long did GZFX remain OVERSOLD for, just recently?
The chart is headed for the direct opposite side of that space, IMHO. I think it's going to go there hard, one big Christmas Run.
If you look at this you might feel better.... you see, it's still very young, very fresh....