WEEKLY CHART
check: RSI nov 2019 – mar 2020 (similar chart formation)
draw: support from the previous top (before it gets pull back) – possible bounce area
As you can here, most of the oversold RSI gets a reversal. Here is the potential outcome if this will play out perfectly. We also have a support based on chart before. The risk however is a black swan event that will make us go lower than predicted. Without other forces at hand. Q2 & Q3 will probably down, Q4 is usually good for the market.
Reminder: Trade cautiously, don’t trade what you cannot afford to lose. When buying, buy in spreads – don’t go all in. Good luck!