Heinz (HNZ), which plunged by more than 3% to finish both oversold and just inside bear market territory.

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The latest thrust in Japanese equities comes from a very oversold condition after a grinding bear market.

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However, in bear markets, an oversold condition can persist for weeks and do an awful lot of damage.

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In fact, most bear markets begin with scale-tipping oversold readings.

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In March 2009 we had a bear market correction based upon cheap equity valuations, oversold technicals, and a long-term up trend with help from Fibonacci, the thirteenth century mathematician.

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Perhaps it is, but my take on it was that the additional plunge was sure to create another rally attempt off the oversold condition, but one that was likely to be only a brief bear market rally that would run into serious resistance at the 30-day m.a. again.

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This created oversold conditions in the stock that rivaled even those from the August correction that sent many stocks tumbling into bear market territory.

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