One of the stocks providing a good entry for a long – and short – position today using RSI is MAPP (MAP Pharmacueticals Inc). This company received a CRL from the FDA yesterday that caused a negative initial reaction to the stock price this morning.

Here is a 5 minute chart showing how traders have driven the price up steadily since and where the Bears stepped in to sell the stock on the breach of 70 on the RSI:

Pretty clean action utilizing RSI in this short squeeze.