The consumer discretionary market is pulsating with opportunities, presenting a chance to invest in undervalued companies.
The RSI, or Relative Strength Index, is a valuable tool for traders to gauge short-term performance based on a stock’s strength on up and down days. Stocks are considered oversold when RSI is below 30.
Here’s the lowdown on the buzzworthy oversold consumer stocks this month:
Canoo Inc. (NASDAQ: GOEV)
- Canoo recently made a strategic move, acquiring manufacturing assets at heavily discounted prices to ramp up production at its Oklahoma City facility. Its stock dipped approximately 2% over the past five days, hitting a 52-week low of $0.2070.
- RSI Value: 29.65
- GOEV Price Action: Canoo shares climbed 5.8%, closing at $0.2520 on Monday.
Rent the Runway, Inc. (NASDAQ: RENT)
- Rent The Runway reported disappointing third-quarter revenue and provided FY23 revenue guidance below expectations, leading to a 30% drop in its stock over the past month. It reached a 52-week low of $0.42.
- RSI Value: 26.16
- RENT Price Action: Rent the Runway shares surged 23% to close at $0.5622 on Monday.
Mobileye Global Inc. (NASDAQ: MBLY)
- Last week, Mobileye Global secured a series of production design wins from a major Western automaker. Despite its stock plunging 26% over the past five days, it managed to hit a 52-week low of $28.19.
- RSI Value: 19.38
- MBLY Price Action: Shares of Mobileye Global rose 3.1% to close at $31.43 on Monday.
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