In the realm of communication services, undervalued stocks may present a ripe opportunity. The Relative Strength Index (RSI) is a key tool for traders to gauge the momentum of a stock. When RSI dips below 30, it often signals an oversold condition.
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. Which can give traders an edge in predicting a stock’s short-term performance.
Here is a list of notable oversold players in the tech and telecom sector with RSI nearing or below 30.
AMC Entertainment Holdings, Inc. (AMC)
- AMC Entertainment reported that the “Taylor Swift – The Eras Tour” concert film became the highest grossing concert and documentary film in box office history. Regardless, the company’s stock plummeted around 9% over the past five days and hit a 52-week low of $4.01.
- RSI Value: 25.80
- AMC Price Action: Shares of AMC Entertainment climbed 7.8% to close at $4.43 on Thursday.
Salem Media Group, Inc. (SALM)
- Salem Media shares are trading lower after the company announced its voluntary delisting from the Nasdaq Global Market. The stock nosedived around 24% over the past five days and hit a 52-week low of $0.26.
- RSI Value: 19.48
- SALM Price Action: Shares of Salem Media fell 13.1% to close at $0.2609 on Thursday.
JOYY Inc. (YY)
- JOYY received a written notice from an affiliate of Baidu purporting to terminate the Share Purchase Agreement, dated Nov. 16, 2020. The company’s stock tumbled around 26% over the past month and has a 52-week low of $24.12.
- RSI Value: 28.83
- YY Price Action: Shares of JOYY fell 1% to close at $29.59 on Thursday.
Read More: Investor Sentiment Increases Following Economic Reports; Dow Jumps Over 200 Points
