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.
Harmony Gold Mining Company Ltd (NYSE:HMY)
- On July 17, BMO Capital analyst Raj Ray initiated coverage on Harmony Gold Mining with a Market Perform rating and announced a price target of $16. The company's stock fell around 20% over the past five months and has a 52-week low of $7.97.
- RSI Value: 29.5
- HMY Price Action: Shares of Harmony Gold Mining dipped 14% to close at $12.61 on Thursday.
- Edge Stock Ratings: 86.17 Momentum score with Value at 81.52.
Namib Minerals (NASDAQ:NAMM)
- On July 31, Namib Minerals issued a corporate update after closing the business combination with Hennessy Capital Investment Corp. VI and listing on the Nasdaq Stock Exchange under the ticker symbol NAMM. The company's stock fell around 36% over the past month and has a 52-week low of $2.56.
- RSI Value: 24.7
- NAMM Price Action: Shares of Namib Minerals fell 0.7% to close at $2.90 on Thursday.
- Benzinga Pro’s charting tool helped identify the trend in NAMM stock.
Bioceres Crop Solutions Corp (NASDAQ:BIOX)
- On July 15, Oppenheimer analyst Kristen Owen maintained Bioceres Crop Solutions with an Outperform rating and lowered the price target from $7 to $6. The company's stock fell around 21% over the past month and has a 52-week low of $2.60.
- RSI Value: 29.7
- BIOX Ltd Price Action: Shares of Bioceres Crop Solutions gained 6.3% to close at $2.87 on Thursday.
- Benzinga Pro’s charting tool helped identify the trend in BIOX stock.
Learn more about BZ Edge Rankings—click to see scores for other stocks in the sector and see how they compare.
Read This Next:
Photo via Shutterstock
