Buffett’s Wisdom Applied: GeneDx Holdings Shares Enter Oversold Territory
Legendary investor Warren Buffett famously stated that one should be fearful when others are greedy, and greedy when others are fearful. A useful tool for measuring market fear is the Relative Strength Index (RSI), which gauges momentum on a scale from zero to 100. Notably, a stock is considered oversold when its RSI drops below 30.
On Wednesday, shares of GeneDx Holdings Corp (Symbol: WGS) fell into oversold territory, recording an RSI reading of 29.4 after trading as low as $56.18 per share. In contrast, the current RSI for the S&P 500 ETF (SPY) stands at 53.7. Thus, a bullish investor might interpret WGS’s 29.4 RSI as an indication that heavy selling may be losing momentum and look for potential buy opportunities. The chart below illustrates the one-year performance of WGS shares:
Examining the chart, WGS has a 52-week low of $18.80 per share and a 52-week high of $117.75, with the last traded price at $57.34.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
