Long Island Iced Tea Corp. (NASDAQ:LTEA) is at an oversold level with a 14-day RSI of 10.89.
The Relative Strength Index (RSI) is one of the most widely used technical indicators used to determine strengthening and weakening momentum in price action. RSI levels 70 and above are considered overbought and under 30 is considered oversold. Oversold is a technical condition that occurs when price momentum is considered too low and the probability of an upturn is higher.
The stock’s Average True Range (ATR) is sitting at 0.26. The ATR is a measure of volatility. A high or low ATR doesn’t tell you which way a stock will move but is a signal that it is likely to move.
Company shares are trading at $2.04 significantly lower than the 50 day moving average which is $3.68 and which is significantly lower than the 200 day moving average of $4.41. The 50 day moving average was down by -44.56% whereas the 200 day average was down by -53.71%.
Short traders are more bearish on Long Island Iced Tea Corp. lately if you take a look at the uptick in short interest. The stock recorded a rise in short interest of 0.17% as of August 31, 2017 from the last reporting period. Short interest increased 153 over that period. Days to cover decreased from 1.0 to 1.0 and the percentage of shorted shares was 0.01% on August 31.