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.
