Top 3 Consumer Stocks Which Could Rescue Your Portfolio In January

Author: Avi Kapoor | January 09, 2024 08:22am

The most oversold stocks in the consumer discretionary 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.

Canoo Inc. (NASDAQ:GOEV)

• On Jan. 8, Canoo announced the purchase of manufacturing assets "at dramatically reduced prices" to scale production at its Oklahoma City facility. The company’s stock fell around 2% over the past five days and has a 52-week low of $0.2070 .
• RSI Value: 29.65
• GOEV Price Action: Shares of Canoo gained 5.8% to close at $0.2520 on Monday.

Rent the Runway, Inc. (NASDAQ:RENT)

• On Dec. 5, Rent The Runway reported worse-than-expected third-qiarter revenue results and FY23 revenue guidance below estimates. The company’s stock fell around 30% over the past month. It has a 52-week low of $0.42.
• RSI Value: 26.16
• RENT Price Action: Shares of Rent the Runway jumped 23% to close at $0.5622 on Monday.

Mobileye Global Inc. (NASDAQ:MBLY)

• On Jan. 8, Mobileye Global announced it was awarded a series of production design wins by a "major" Western automaker. Mobileye CEO Amnon Shashua commented on the victory, saying, "These design wins represent an historic milestone in the development of automated driving, and will greatly increase its availability to customers globally. Execution of these production programs will set the standard for software-driven intelligent driving, leveraging the expertise of both companies at volume to serve customers around the world." The company’s stock fell around 26% over the past five days and has a 52-week low of $28.19.
• RSI Value: 19.38
• MBLY Price Action: Shares of Mobileye Global gained 3.1% to close at $31.43 on Monday.

 

Read More: SMART Global Likely To Report Lower Q1 Earnings; Here's A Look At Recent Price Target Changes By The Most Accurate Analysts

Posted In: GOEV MBLY RENT