Daily 2-Minute Chart Study #575: Don’t Buy Below RSI 30.9
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One of the very common fundamental errors that investors or traders engage in is in the act of looking for beaten down stocks with the idea to own then at discounted prices; commonly referred to as the “buy low, sell high strategy”.
Traders commonly associate stocks that are below 30.9 on their monthly RSI (or even any other time frame for that matter) as being areas were a stock is “oversold” and due for a bounce.
This is leads to a fundamental error in owning very strong downside momentum instruments on their way to much lower prices.
Owning stocks or instruments whose monthly RSI is below 30.9 is a critical fundamental error as shown in this brief video.
It is only AFTER stocks have moved their monthly RSI above 30.9 that they can truly even attempt to stage a sustained rally.
Stock Charts RSI 30 Level & RSI 70 Level Explained
Check out this video on phi or golden mean or 1.618 https://www.youtube.com/watch?v=fvdmISdytXg
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