Opportunities arise in the industrials sector as oversold stocks offer potential for investing in undervalued companies.
The Relative Strength Index (RSI) acts as a vital momentum indicator in comparing a stock’s strength across price movements. A stock is deemed oversold when its RSI falls below 30, offering insights into short-term performance trends.
Presented here are the top three major oversold players in the sector, boasting RSIs hovering near or below 30.
Hyzon Motors Inc HYZN
- Hybrid trucks manufacturer, Hyzon Motors, disclosed worse-than-expected second-quarter financial
results on August 13. CEO Parker Meeks commented, “In the second quarter of 2024, we executed on
several strategic initiatives, including focusing our business on the North American Class 8 and
refuse markets.” The stock plummeted around 47% over the last five days, reaching a 52-week low of
$0.050. - RSI Value: 25.52
- HYZN Price Action: Shares of Hyzon Motors dropped by 27.8% to close at $0.054 on
Friday.
Velo3D Inc VLD
- Velo3D, a technology company, reported a year-over-year increase in second-quarter adjusted EPS results
on August 14. CEO Brad Kreger stated, “Our second-quarter results reflected continued execution on our
strategic priorities.” The stock witnessed a decline of approximately 46% over the past week, hitting a
52-week low of $1.23. - RSI Value: 23.62
- VLD Price Action: Velo3D shares fell by 5.4% to close at $1.23 on Friday.
Array Technologies Inc ARRY
- Array Technologies reported quarterly earnings over analyst estimates on August 8. Despite a strong
earnings beat, the company revised its fiscal year projections, leading to a stock decline of about 38%
over the past month. The stock reached a 52-week low of $6.43. - RSI Value: 23.63
- ARRY Price Action: Array Technologies shares saw a 0.8% increase, closing at $6.55 on
Friday.
Market volatility is a wild ride, inducing adrenaline rushes in investors grasping for signs of a bullish rebound. These dips are akin to rollercoaster twists and turns – gut-wrenching yet thrilling.
