Benzinga - by Lisa Levin, Benzinga Editor.
The most oversold stocks in the financial 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.
Morgan Stanley (NYSE: MS)
- Morgan Stanley reported a third-quarter net profit of $2.4 billion, or $1.38 per diluted share,compared to a net income of $2.6 billion or $1.47 in the prior year. "While the market environment remained mixed this quarter, the Firm delivered solid results with an ROTCE of 13.5%. Our Equity and Fixed Income businesses navigated markets well, and both Wealth and Investment Management produced higher revenues and profits year-over-year," CEO James Gorman said. The company’s stock has a 52-week low of $73.40 .
- RSI Value: 29.93
- MS Price Action: Shares of Morgan Stanley fell 6.8% to close at $74.88 on Wednesday.
- Value Line reported an increase in EPS for the first quarter. It has a 52-week low of $32.07.
- RSI Value: 29.67
- VALU Price Action: Shares of Value Line gained 1.5% to close at $35.74 on Wednesday.
- MainStreet Bancshares posted upbeat earnings for the second quarter. The company’s stock has a 52-week low of $18.67.
- RSI Value: 28.63
- MNSB Price Action: Shares of MainStreet Bancshares fell 0.6% to close at $19.14 on Wednesday.
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