15 minute bars show a bearish head & shoulders
pattern formed over the last 5 days. In addition, the RSI
shows how yesterday's move marked the first 'oversold' zone in two weeks, and we see this as bearish
too. Why do we interpret oversold as bearish? Because recent history shows that oversold (overbought) moves are followed successively by more oversold (overbought) moves. The move yesterday therefore points to a reversal of the recent rally.