(Bloomberg) -- China’s benchmark stock gauge has fallen to a level seen as oversold, as Beijing’s market rescue measures have failed to impress investors while the nation’s faltering economic performance remains an overhang.

The CSI 300 Index dropped as much as 0.9% Tuesday to its lowest level since February 2019. That pushed its 14-day relative strength index below 30, a level some traders see as indicating the market fell too far, too quickly.

While the technical indicator suggests a near-term bottom may be in sight, rallies have been shortlived with the oversold threshold being crossed twice earlier this year. Investors are now pinning hopes on key upcoming economic meetings for possible more policy support from Beijing.

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