(Bloomberg) — A global equities benchmark has fallen precipitously close to oversold territory following a selloff in risk assets this month.

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The MSCI All Country World Index’s 14-day relative strength index dropped below 33 on Tuesday to levels last seen in October. A reading of 30 or below indicates a possible reversal in the market’s momentum as the selling may have been be overdone.

The gauge has lost nearly 4% in April, on track for the first monthly decline since October, as waning Federal Reserve easing bets and escalating Middle East conflict sapped the appeal of equities.

Read more: Stocks Look More Vulnerable in Asia Than Peers on Fed Re-Pricing

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