Top 3 Tech And Telecom Stocks Which Could Rescue Your Portfolio This Month
Author: Avi Kapoor | April 30, 2024 07:02am
The most oversold stocks in the communication services 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.
Direct Digital Holdings, Inc. (NASDAQ:DRCT)
- On April 23, Direct Digital announced the receipt of Nasdaq notification of non-compliance. The company's stock fell around 62% over the past month and has a 52-week low of $1.96 .
- RSI Value: 28.41
- DRCT Price Action: Shares of Direct Digital fell 3.5% to close at $5.48 on Monday.
Meta Platforms, Inc. (NASDAQ:META)
- On April 24, Meta Platforms posted better-than-expected earnings and sales results for its first quarter. The company reported 3.24 billion Family Daily Active People in the first quarter, up 7% year-over-year. The company said capital spending is likely increasing in future years as its artificial intelligence roadmap is supported. The company's stock fell around 12% over the past five days. It has a 52-week low of $229.85.
- RSI Value: 29.03
- META Price Action: Shares of Meta fell 2.4% to close at $432.62 on Monday.
Cineverse Corp. (NASDAQ:CNVS)
- On March 26, Cineverse signed a multi-year deal with Konami Cross Media. The company's shares fell around 42% over the past month and has a 52-week low of $0.25.
- RSI Value: 27.36
- CNVS Price Action: Shares of Cineverse fell 2.1% to close at $0.8241 on Monday.
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Posted In: CNVS DRCT META
