Granted our RSI if off the charts currently around 85. Does this make RNN look like an easy short? It could however I wouldn't be so sure. I've been holding (and accumulating) a collection of a six figure position in MACK over the last 30-45/days. Let me just state that MACK has been increasing about a ratio of 4 days a week (1 down day on average). MACK is clearly worth about $20-$30 a share and it seems to be racing to reach this point. When share price catches up with logic, you have an RSI that will ALWAYS remain very elevated (70-90 reading) for an extended period of time, followed by a blow-out day jumping maybe 30-40% near the end of the rally.
RNN might decline backwards, but if your thinking this is an easy short because of the recent run, high RSI...I wouldn't bet the farm against a sub-$1.00 biotech stock.
Easy way to bet one farm and lose two (if your on margin) at the same time.
My advice is buy conservatively, to average lower and to average higher, depending which way she rolls. Simply hold for now because she's heading higher.