Benzinga - by Lisa Levin, Benzinga Editor.
The most oversold stocks in the materials sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
The Chemours Company (NYSE: CC)
- Chemours posted better-than-expected second-quarter earnings. The company is scheduled to release third quarter 2023 financial results on Oct. 26, 2023. The company’s stock has a 52-week low of $24.07 .
- RSI Value: 29.49
- CC Price Action: Shares of Chemours fell 1.8% to close at $24.09 on Tuesday.
- American Battery Technology reported start of operations at its commercial-scale, lithium-ion battery recycling facility in Nevada. "We are excited to have achieved this major milestone and to now be generating commercial-scale quantities of domestic recycled battery metal products," stated ABTC CEO Ryan Melsert. It has a 52-week low of $5.43.
- RSI Value: 13.97
- ABAT Price Action: Shares of American Battery Technology gained 0.4% to close at $5.57 on Tuesday.
- The company’s shares lost around 29% over the past month. The company’s stock has a 52-week low of $3.8150.
- RSI Value: 25.73
- IONR Price Action: Shares of ioneer gained 5.5% to close at $4.20 on Tuesday.
- Piedmont Lithium disclosed a strategic investment in a promising lithium project located in Newfoundland, Canada. The company’s 52-week low is $29.16.
- RSI Value: 29.93
- PLL Price Action: Shares of Piedmont Lithium gained 2.6% to close at $30.42 on Tuesday.
Read More: Why The Fear Level Among US Investors Is Easing
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.