Technical view by Nooresh on Sensex/Stocks/Commodities |
| Dow Jones – Highly Oversold and a Buy Opportunity Posted: 04 Feb 2014 08:27 AM PST We have seen a 1000 point + correction on Dow Jones. Its trading close to its 200 dema but more importantly has hit RSI oversold zones. Previous such RSI transitions have led to a strong bounce. Also further dips will take it to trendline/channel supports. One can spread out the buying from current levels or get in slowly in dips to 15000-15300. A reversal above any days highs on hourly basis could also be a turnaround signal.
Thanks and Regards, Nooresh Merani Twitter – https://twitter.com/nooreshtech Facebook – https://www.facebook.com/nooreshtech Dow Jones – Highly Oversold and a Buy Opportunity is a post from: Technical view by Nooresh |
| Nifty – What happens when Oversold Posted: 04 Feb 2014 12:06 AM PST 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 Facebook – https://www.facebook.com/nooreshtech Nifty – What happens when Oversold is a post from: Technical view by Nooresh |
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