RE: Boom6 Nov 2024 13:29
Could be but maybe too early for confidence, RSI dropped below 30 six times in the past year or so (October last year, January, April, June, September, now November). In half of those cases the lagging RSI-based MA also went on to drop below 30 before the upturn, flagging oversold territory. The other three bounced before that. Like Wyndrum said, I think you'd probably look for a higher close before drawing too many conclusions but not an exact science by any means.