In early 2022, the weekly RSI fell below the 50 level and remained primarily below that level until early this year. During this time, the RSI 50-level acted as resistance few times.
On Friday, RSI closed just above the 50-level. Will this level now act as support?
If not, consequences could be severe. In 2022, while RSI remained below the 50-level, prices made lower lows until this level was reclaimed in early 2023.
We saw weakness during Covid selling when RSI fell below 50 but once the 50-level was reclaimed in Feb 2020 prices generally moved higher until early 2022.
On Friday, RSI closed just above the 50-level. Will this level now act as support?
If not, consequences could be severe. In 2022, while RSI remained below the 50-level, prices made lower lows until this level was reclaimed in early 2023.
We saw weakness during Covid selling when RSI fell below 50 but once the 50-level was reclaimed in Feb 2020 prices generally moved higher until early 2022.