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The benchmark indices recently crossed significant breakout levels with Nifty crossing 10,985 and S&P BSE Sensex breaching 36,554 levels. However, several stocks are still trading with negative crossover on Relative Strength Index (RSI).
The RSI measures the speed, strength and variations in the price movements. The momentum oscillator as described by Welles Wilder Jr. identifies overbought and oversold regions, namely 70 and 30. The scale varies from 0 to 100, within which the indicator swings. It helps to determine the possible top and bottom, as reversal indicator.
In recent times, the crossovers of 14-day moving average (MA) with 9-day exponential moving average
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