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Is it a rebound from overselling?

$Nikkei 225 (.N225.JP)$ It has a question mark after the phrase ' '.
Is it a rebound from overselling?
From looking at the candlestick chart, it doesn't seem like oversold. Rather, it seems like the sellers covering their short positions are helping to maintain the market, with no new long positions entering.
Even though there are various expressions such as being cautious before the election, as a buyer, there seems to be no scene where it feels oversold and a good buying opportunity, right?
If you enter a buy position carelessly, you might be taken down quickly. It's neither a market nor a price range where there's a sense of buying security.
From the sellers' perspective, it may seem oversold, but the fact that Tokyo Metro did not exceed 2,000 at the initial price, and the fact that individual shares of Tokyo Metro were sold before the listing day (fundraising), is probably due to the low number of participants.
In a market with absolutely no direction (some stocks are being pushed up unnaturally), it's a fact that there are many onlookers.
Within the group as well, there are many people who are waiting to see the situation from the end of the year to the beginning of next year, avoiding the period of downward revisions rush.
If there is a significant decline, there may be more people who see it as an opportunity to participate, but I am also concerned about SQ, so I do not think it is a buying opportunity at the moment.
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