(Bloomberg) — A global stock benchmark suddenly fell near oversold territory after a sell-off in risky assets this month.
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The MSCI All Country World Index's 14-day relative strength index fell below 33 on Tuesday, to levels last seen in October. A reading of 30 or lower indicates a possible reversal in market momentum, as selling may have been overdone.
The index fell nearly 4% in April, on track for its first monthly decline since October, as easing Federal Reserve easing and escalating conflict in the Middle East sapped equities' appeal.
Read more: Equities in Asia appear more vulnerable than peers to Fed repricing
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