RSI Bearish Setup - Major Resistance and Heavy Put Open InterestRush Street Interactive, Inc. Class ANYSE:RSIpoiklk2724RSI has recovered from its August lows, but the stock is now approaching a significant technical decision point between $26.99 and $27.30. Despite the recent bounce, the broader technical structure remains cautious. The 21 EMA remains below the 50 EMA, and price is rallying directly into a confluence resistance zone. This creates the potential for the recent move to represent a relief rally into resistance rather than the beginning of a confirmed bullish trend. Options positioning adds another interesting element. The October $30 put carries approximately 44.5K Open Interest, with roughly 506 contracts trading in the session shown. This represents a substantial concentration of put positioning near an important psychological strike. The October $25 calls also carry significant positioning at approximately 22.3K OI, making the $25-$30 range particularly important. My primary scenario is a rejection from $27.00-$27.30, which could initially send RSI toward the $26.58-$25.81 support area. If that support fails, levels at approximately $25.39, $24.88, and $24.38 become potential downside targets. The bearish thesis would begin to weaken with a convincing break and hold above $27.30. Such a breakout could shift the setup toward the alternate bullish scenario, potentially opening the door to a move toward $29.09-$30.37. My thesis: RSI is testing major resistance while its 21/50 EMA structure remains bearish. Combined with the large concentration of October $30 put Open Interest and the primary downside price projection, I see an attractive bearish rejection setup, but one that requires confirmation at $27.30. That last qualification is important. I wouldn't call RSI bearish simply because of the 44.5K put OI. The strongest bearish argument is the combination of the EMA structure, resistance, and primary projected path. The options positioning is supporting evidence rather than proof of direction. Educational Disclaimer This trade idea is shared for educational and informational purposes only and is not financial advice or a recommendation to buy or sell any security. Options activity and Open Interest can have multiple interpretations and do not, on their own, establish market direction. Always perform your own research and manage risk according to your own trading strategy and risk tolerance.