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.
Global Mofy Metaverse Limited (NASDAQ: GMM)
- On Dec. 29, 2023, Global Mofy Metaverse announced a $10 million follow-on offering. The company’s stock fell around 51% over the past five days and has a 52-week low of $3.93 .
- RSI Value: 20.33
- GMM Price Action: Shares of Global Mofy Metaverse fell 3.7% to close at $3.95 on Friday.
- On Jan. 2, the company announced it entered into a series of privately negotiated exchange agreements. In a new regulatory filing, AMC disclosed that it entered into multiple exchange agreements between Dec. 28 and Dec. 29, under which it issued or will issue 3,258,657 shares of its common stock in exchange for $22.5 million of its 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026. The company’s stock fell around 17% over the past five days. It has a 52-week low of $5.08.
- RSI Value: 26.16
- AMC Price Action: Shares of AMC Entertainment fell 2.5% to close at $5.17 on Friday.
- On Nov. 8, Charge Enterprises posted downbeat quarterly sales. "Our third quarter results were highlighted by our Infrastructure segment once again, as shown by the 19% growth in revenue and 59% growth in gross profit versus the prior year, which was driven by strong project delivery within our electrical services business and momentum within our EV charging business, including the Greenspeed acquisition," said Craig Denson, Interim Chief Executive Officer and Chief Operating Officer. The company’s stock fell around 28% over the past month and has a 52-week low of $0.0910.
- RSI Value: 29.89
- CRGE Price Action: Shares of Charge Enterprises fell 11% to close at $0.0931 on Friday.
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