Grocery Outlet’s Stock Hits Oversold Level Amid Market Trends
Warren Buffett’s Strategy: Caution in Greed, Boldness in Fear
Legendary investor Warren Buffett famously advises investors to be “fearful when others are greedy, and greedy when others are fearful.” One tool for gauging market sentiment is the Relative Strength Index (RSI), which assesses a stock’s momentum on a scale from zero to 100. If the RSI reading falls below 30, the stock is deemed oversold.
On Wednesday, Grocery Outlet Holding Corp (Symbol: GO) saw its RSI drop to 28.8, indicating it has entered oversold territory. The shares traded as low as $13.60 during the session. For context, the current RSI of the S&P 500 ETF (SPY) is 58.9. A bullish investor may interpret the 28.8 RSI for GO as a signal that the recent selling pressure is easing and could signify a potential buying opportunity.
Reviewing the performance chart, GO’s 52-week low stands at $13.60 per share, while the 52-week high reached $29.98. The most recent trade price for GO is $13.90.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
