Top 3 Risk Off Stocks That May Rocket Higher This Month

Author: Avi Kapoor | April 19, 2024 08:53am

The most oversold stocks in the consumer staples 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.

Hempacco Co., Inc. (NASDAQ:HPCO)

• On March 28, Hempacco signed three month media contract, for the continuation of filming and broadcasting tailored interviews and streaming digital billboard aids in New York City. The company's stock fell around 64% over the past month and has a 52-week low of $0.91.
• RSI Value: 28.00
• HPCO Price Action: Shares of Hempacco gained 1% to close at $0.97 on Thursday.

Walgreens Boots Alliance, Inc. (NASDAQ:WBA)          

• On April 1, Morgan Stanley analyst Erin Wright maintained Walgreens with an Underweight and lowered the price target from $21 to $20. The company's stock fell around 15% over the past month. It has a 52-week low of $17.51.
• RSI Value: 28.77
• WBA Price Action: Shares of Walgreens fell 0.2% to close at $17.59 on Thursday.

Beyond Meat, Inc. (NASDAQ:BYND)

• On March 18, Beyond Meat filed for a mixed securities shelf offering. The company's stock fell around 20% over the past month and has a 52-week low of $5.58.
• RSI Value: 29.61
• BYND Price Action: Shares of Beyond Meat fell 0.5% to close at $6.40 on Thursday.

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Posted In: BYND HPCO WBA