Stochastic RSI and AUS200 Index

FX:AUS200   S&P/ASX Index
88 0
(This is my first chart and I am a novice trader - so I welcome lots of feedback.)

This is a simple line up of Stochastic RSI indicator with the recent behavior of the AUS200 index. It seems that the oversold margin is a very accurate indicator of lowest drop before a rise.

It is just striking to me, to see how well the indicator shows the trend.

This seems to suggest that when the market opens later today we will see a rise in price.
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