Public Storage Stocks Hit Oversold Levels: Is it Time to Buy?
Understanding the Market Sentiment with RSI
Legendary investor Warren Buffett famously advises investors to be cautious when the market is overly confident and to seize opportunities when fear prevails. A popular method for assessing market fear is the Relative Strength Index (RSI), which gauges stock momentum on a scale from zero to 100. When the RSI falls below 30, a stock is typically classified as oversold.
On Friday, shares of Public Storage (Symbol: PSA) entered this oversold territory, reaching an RSI reading of 29.97 after trading as low as $323.58 per share. In contrast, the current RSI for the S&P 500 ETF (SPY) stands at 47.1. For bullish investors, PSA’s RSI of 29.97 suggests that the intense selling may be nearing its end, presenting potential buying opportunities. Below, you’ll find a performance chart detailing PSA’s stocks over the past year:
Reviewing the performance chart, it is noted that PSA’s lowest point in the past 52 weeks was $241.60 per share, while its highest reached $369.988. As of the most recent trade, the price stands at $323.66.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
