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The most oversold stocks in the materials sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Scully Royalty Ltd (NYSE:SRL)
- On Jan. 12, Scully Royalty’s board terminated CEO and commenced search for new CEO. The company’s stock fell around 11% over the past month and has a 52-week low of $5.13.
- RSI Value: 29.5
- SRL Price Action: Shares of Scully Royalty fell 2% to close at $6.87 on Thursday.
- Benzinga Pro’s newsfeed tool helped identify the developments in SRL stock.
Bon …
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