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On Wednesday, shares of Simply Good Foods Company (Symbol: SMPL) dropped to an oversold level with a Relative Strength Index (RSI) reading of 28.3, indicating heavy selling pressure. The stock traded as low as $34 per share, significantly below its 52-week high of $41.48 and above its low of $29.21.
For context, the S&P 500 ETF (SPY) has an RSI of 62.4, suggesting that the recent selling of SMPL shares may be exhausting. Investors may look for buying opportunities as the stock nears its low point.
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