Understanding the Current Market: SBA Communications Hits Oversold Levels
Warren Buffett once said that investors should be careful when others are overly ambitious and to seize opportunities when others are hesitant. One tool that helps assess investor sentiment is the Relative Strength Index (RSI), a technical analysis metric that ranges from 0 to 100. An RSI reading below 30 indicates that a stock is considered oversold.
On Wednesday, shares of SBA Communications Corp (Symbol: SBAC) fell into oversold territory, registering an RSI of 28.8, after trading as low as $212.39 per share. In contrast, the current RSI for the S&P 500 ETF (SPY) stands at 64.2. This low RSI reading for SBAC may suggest that recent selling is subsiding, prompting bullish investors to seek potential buying opportunities. Below is a chart displaying the one-year performance of SBAC shares:
Examining the chart, the 52-week low for SBAC is $183.64, while the high is $258.76. The last recorded transaction was $218.75.
Check out 9 other stocks currently considered oversold »
Further Reading:
- Institutional Holders of RPG
- RRR YTD Return
- SCAI Price Target
The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Nasdaq, Inc.
