raj3elite

Nifty - RSI Overbought on Weekly Chart

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NSE:NIFTY   Nifty 50 Index
RSI Overbought on Weekly Chart and looks like Nifty to form a Evening Doji Star Candle pattern. Its indicating the bearish movement on Nifty and the levels are measured by fibonacci.
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Sir Is RSI at 70 in a bull market considered as overbought ??
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raj3elite Virajsemwal
@Virajsemwal, Yes, If RSI above 70 is overbought level and below 30 is oversold level.
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Virajsemwal raj3elite
@raj3elite, sir if nifty goes up from here what would the logic be !
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raj3elite Virajsemwal
@Virajsemwal, hahaha... good question. According to my study, Nifty may fall from here. But if nifty moves up, only when there is a strong news.
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Virajsemwal raj3elite
@raj3elite, in bull market RSI 80 is generally taken as oversold n a script can remain oversold for a long time also ...
Thts y asked u the ques sir !!
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raj3elite Virajsemwal
@Virajsemwal, Good question which u have asked. Appreciate you.. Small correction RSI 80 is overbought. And its depends on ur periods setting and time frame. if RSI 14, 30 and 70 levels are taken to consideration and if RSI 7, 20 and 80 levels are taken to consideration. Give u one more clue on RSI, Watch out the 61.8 is good buy and 38.6 on down side, it's based on Fibonacci levels. Time frame also a matter. Not only RSI, Even all indicators will get fail on strong news especially on result day. Happy Trading..!
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Virajsemwal raj3elite
@raj3elite, just try 80 as overbought with 14 RSI.. Just a suggestion sir ...
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