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:
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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.
