It was the legendary investor Warren Buffett who wisely advised, “be fearful when others are greedy, and be greedy when others are fearful.” Words to live by, to be sure. And in the tumultuous world of stock trading, tracking the level of fear in a given stock is paramount. One such measure of this fear is the Relative Strength Index (RSI), a technical analysis indicator that gauges momentum on a scale from zero to 100. When the RSI reading falls below 30, a stock is considered to be oversold.
On Tuesday, shares of Adtalem Global Education Inc (Symbol: ATGE) descended into oversold territory, with an RSI reading of 29.9, changing hands at a mere $45.69 per share. For context, the current RSI reading of the S&P 500 ETF (SPY) stands at 58.0. To the discerning eye, ATGE’s 29.9 RSI reading today could be construed as a signal that the recent flurry of selling may be nearing exhaustion, thereby presenting potential entry points for bullish investors on the buy side.
As indicated by the chart, ATGE’s low within its 52-week range is at $33.59 per share, juxtaposed with a high of $62.99. The recent trade stood at $46.01, underscoring the stock’s attractive valuation in the current market.
For any shrewd investor seeking further oversold stocks, it would be wise to explore 9 other such potential opportunities in the market.
Also see:
– Preferred Stock Ex-Dividend Calendar
– Top Ten Hedge Funds Holding DYFN
– CUB shares outstanding history
The views and opinions expressed herein are the author’s own and do not necessarily reflect those of Nasdaq, Inc.
