Benzinga - by Avi Kapoor, Benzinga Staff Writer.
The most oversold stocks in the communication services 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.
AMC Entertainment Holdings, Inc. (NYSE: AMC)
- On Jan. 7, AMC Entertainment announced that the “Taylor Swift – The Eras Tour” concert film officially became the highest grossing concert and documentary film in box office history. The film is distributed exclusively by AMC Theatres Distribution. The company’s stock fell around 9% over the past five days and has a 52-week low of $4.01 .
- RSI Value: 25.80
- AMC Price Action: Shares of AMC Entertainment gained 7.8% to close at $4.43 on Thursday.
- On Dec. 29, Salem Media shares are trading lower after the company announced it will voluntarily delist from the Nasdaq Global Market.. The company’s stock fell around 24% over the past five days. It has a 52-week low of $0.26.
- RSI Value: 19.48
- SALM Price Action: Shares of Salem Media fell 13.1% to close at $0.2609 on Thursday.
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JOYY Inc. - On Jan. 1, JOYY announced it received a written notice from an affiliate of Baidu purporting to terminate the Share Purchase Agreement, dated Nov. 16, 2020. The company’s stock fell around 26% over the past month and has a 52-week low of $24.12.
- RSI Value: 28.83
- YY Price Action: Shares of JOYY fell 1% to close at $29.59 on Thursday.
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