"Oversold conditions" refers to a situation where the price of a stock or asset has decreased too much and too quickly, indicating that it may be undervalued. Full definition
In short, aside from some potential for a «clearing rally» to correct the short - term oversold condition of the market, even the low advisory bullishness figures provide little evidence for a «contrary opinion» call on the market. (hussmanfunds.com)
However, short - term oversold conditions as shown by the relative strength index could yield a minor corrective rally. (cryptonews.cf)