As renowned investor Warren Buffett advises, time to pounce on a stock is when fear is pervasive and steer clear when it’s exuberance. This is precisely where the Relative Strength Index (RSI) comes into play – a technical indicator gauging a stock’s momentum on a scale of zero to 100. When the RSI reading dips below 30, it signals an oversold condition.
On the recent Friday trading, CONMED Corp (Symbol: CNMD) nosedived into the oversold territory, chalking up an RSI reading of 29.97, with share prices plummeting to $80.93. To put things in perspective, the S&P 500 ETF (SPY) currently touts an RSI reading of 63.7. For bullish investors, CNMD’s RSI at 29.97 could serve as a cue that the recent sell-off is tapering and potentially cue entry points on the buying side. The chart below encapsulates CNMD’s one-year performance:
Per the chart, CNMD’s 52-week range oscillates between a low of $80.01 per share to a high of $138.47. This compares to the last trade at $81.11.
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Also see:
Chase Coleman Stock Picks
Funds Holding ATVI
CCG Historical Stock Prices
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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