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, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Snow Lake Resources Ltd. (NASDAQ: LITM)
- On Oct. 12, Snow Lake Resources, d/b/a Snow Lake Lithium, has partnered with Critical Discoveries to work collaboratively on Snow Lake's lithium growth strategy. The company’s stock fell around 30% over the past five days and has a 52-week low of $0.45 .
- RSI Value: 25.63
- LITM Price Action: Shares of Snow Lake Resources closed at $0.4855 on Tuesday.
- On Nov. 8, Corteva reported worse-than-expected third-quarter revenue results.. The company’s stock fell more than 12% over the past month. It has a 52-week low of $43.22.
- RSI Value: 29.99
- CTVA Price Action: Shares of Corteva fell 2.9% to close at $43.89 on Tuesday.
- Sasol appointed Mr. Simon Baloyi as President and CEO, effective April 1, 2024. The company’s stock fell more than 11% over the past five days and has a 52-week low of $10.22.
- RSI Value: 21.32
- SSL Price Action: Shares of Sasol fell 4.8% to close at $10.22 on Tuesday.
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