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Relative Strength Index (RSI)

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RSI is conceptually on the same lines as MFI except that it measures the relative strength of a stock or index's move, without as much attention to the volumes aspect as MFI does. For this reason, MFI is often seen as a more comprehensive measure as compared to RSI.

The image above depicts the Sensex over the same 2 year time period, with the MFI and RSI indicators mapped below. An important divergence between the two indicators was seen recently - in October 2013, when the RSI signaled an overbought condition (above 80) when the market scaled the 21,000 level, but the MFI actually kept trending down. What this perhaps suggests is that while the price in itself looked stretched, it was not accompanied by high volumes - in other words, the flow of money was not strong enough in the upmove to suggest a genuinely overbought market which is ripe for a trend change. How then should one use both these signals to make the trend our friend? One way perhaps is to look for a confirmation from both the indicators to take a call whether the market is ripe for a trend change or no. If both indicators are at 20 or below, perhaps its time to go tactically overweight equities, and conversely, if both indicators are above 80, perhaps time to take some profits. Take a look at the image above and decide for yourself whether this double confirmation would have worked well for you in the past 2 years or no.

 

 

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