Legendary investor Warren Buffett’s adage to be fearful when others are greedy has practical implications in stock trading, especially regarding the Relative Strength Index (RSI). On Friday, Belite Bio Inc (BLTE) saw its shares fall into oversold territory, reaching an RSI of 27.3 after trading as low as $137 per share.
In contrast, the S&P 500 ETF (SPY) recorded an RSI of 72.1. BLTE’s 52-week price range spans from a low of $56.10 to a high of $200, with its last trade noted at $137.30. This significant drop in RSI could signal potential buying opportunities as the recent selling pressure starts to subside.
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