moreover, since 2000 there has not been one example where HUI weekly RSI was this deeply oversold and then failed to rise to overbought.
will this be the first?
Dougie I don't understand this? 14 bar weekly RSI is currently near 44 (not really oversold), at Nov low it was near 29, in March it was near 22. - how do you square that with what you wrote above? To me it currently looks vulnerable to further decline and is "most likely" in a decline to further oversold. Am I misunderstanding something?
my bad. not the rsi but the BB indicator at the bottom
and you are right that it doesnt preclude further deciines only that it does preclude serious weekly bearish action based on the past. results may vary...
Edited by dougie, 12 January 2021 - 12:53 PM.