Benzinga - by Avi Kapoor, Benzinga Staff Writer.
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.
Berry Global Group, Inc. (NYSE: BERY)
- On Feb. 7, Berry Global reported below-consensus first-quarter FY24 results and disclosed a deal for a tax-free spin-off and merger of Berry's Health. The company’s stock fell around 5% over the past five days and has a 52-week low of $53.83 .
- RSI Value: 29.47
- BERY Price Action: Shares of Berry Global fell 1.2% to close at $57.98 on Tuesday.
- On Feb. 5, Air Products and Chemicals reported worse-than-expected first-quarter financial results and lowered FY24 adjusted EPS guidance below estimates. unit. The company’s stock fell around 16% over the past month. It has a 52-week low of $212.24.
- RSI Value: 22.11
- APD Price Action: Shares of Air Products fell 2.2% to close at $217.61 on Tuesday.
- On Feb. 8, Axalta Coating posted downbeat fourth-quarter earnings. “We finished the year out strong and intend to build on this momentum in 2024,” said Chris Villavarayan, Axalta’s CEO and President. “2023 was a transformative year. We took decisive action to fully offset lingering inflationary headwinds and as a result achieved record sales and Adjusted EBITDA. We believe we are only just beginning to unlock the potential of this enterprise.” The company’s stock fell around 6% over the past five days and has a 52-week low of $25.03.
- RSI Value: 27.84
- AXTA Price Action: Shares of Axalta Coating fell 2.6% to close at $30.65 on Tuesday.
- On Oct. 26, Newmont reported third-quarter revenue decline of 5% Y/Y to $2.49 billion, missing the consensus of $2.90 billion, impacted by lower sales volumes.. The company’s shares lost around 11% over the past month. The company’s 52-week low is $31.74.
- RSI Value: 25.36
- NEM Price Action: Shares of Newmont fell 4.5% to close at $32.04 on Tuesday.
- The company’s shares fell around 12% over the past five days. The company has a 52-week low of $4.91.
- RSI Value: 28.77
- USGO Price Action: Shares of U.S. GoldMining fell 3.6% to close at $5.30 on Tuesday.
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