Opportunities arise when oversold stocks in the utilities sector beckon investors towards undervalued gems.
The Relative Strength Index (RSI) acts as a litmus test for momentum, showcasing the vigor of a stock when prices ascend versus when they decline. A stock is deemed oversold if its RSI dips below 30.
Here’s an overview of two major players in this sector, showing an RSI near or below 30:
Exploring Alternus Clean Energy Inc. ALCE
- Recently, Alternus Clean Energy formed a strategic partnership with Hover Energy, a prominent player in Wind Powered MicrogridTM systems. This collaboration offers a unique edge to Alternus Clean Energy in the C&I domain, distinguishing it from conventional solar competitors. The stock witnessed a 66% decline in the last month, hitting a 52-week low of $0.29.
- RSI Value: 18.67
- ALCE Price Action: Despite shedding 2.8%, shares of Alternus Clean Energy closed at $0.3450 on Thursday.
Insights into Xcel Energy Inc. XEL
- Not long ago, Xcel Energy revealed potential liability concerning the Smokehouse Creek Fire. This announcement led to an 11% plunge in the stock over the past week, striking a 52-week low of $52.11.
- RSI Value: 21.60
- XEL Price Action: With an 8.6% drop, Xcel Energy wrapped up at $52.69 on Thursday.
Read More: Investor optimism rises post PCE report; Nasdaq skyrockets to a record high.
