Warren Buffett’s Strategy: A Closer Look at SPX Technologies’ Oversold Status
Understanding the Relative Strength Index and SPXC’s Current Position
Legendary investor Warren Buffett once said to be fearful when others are greedy, and to be greedy when others are fearful. One method for gauging fear in the stock market is through the Relative Strength Index (RSI). This technical analysis tool measures momentum on a scale from zero to 100. A stock is typically seen as oversold when its RSI reading falls below 30.
On Thursday, SPX Technologies Inc (Symbol: SPXC) entered oversold territory, recording an RSI of 28.5. The stock traded as low as $143.71 per share during the day. In contrast, the current RSI for the S&P 500 ETF (SPY) stands at 44.0. This low RSI for SPXC could indicate that the recent heavy selling has nearly run its course, leading bullish investors to seek potential buying opportunities.
The chart below illustrates SPXC’s performance over the past year:
According to the chart, SPXC’s 52-week low is $77.90 per share, while its high is $173.30. The most recent trade price stood at $143.49.
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Also see:
- Top Dividend Stocks YTD
- DMS Historical Stock Prices
- Institutional Holders of RKLB
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
