Hi,
As i have been tweeting since morning how Nifty has gone into an oversold zone.
To make a detailed explanation as to how it reacts post such oversold zones have made a video.
Inferences
-> Generally see a bounce of 150-300 points post hitting a oversold zone of RSI 30 for past 3 years.
-> Post that the same lows are tested or new lows with positive divergences.
-> Significant short term bottom made in a span of 2-4 weeks and a bounce of 500 + points from low is also possible.
P S - Its a quick video made during market hours. So do let us know your feedback.
Thanks and Regards,
Nooresh Merani
Twitter – https://twitter.com/nooreshtech
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