Is the market due another V-shaped bounce?

by Michael Gable

Our market has become oversold on the RSI for the first time since December last year where it went on to bounce over 300 points within 2 weeks. 

Key market stocks such as the banks have also moved into oversold territory, and BHP and RIO are sitting right on support. The market today, for the first time in 2 weeks is showing strength into the close. 

Instead of panicking and selling now, it is useful to look at these signs and make a measured decision. If cutting positions is your strategy, then better prices may well be around the corner here.


Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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