In trading on Monday, shares of ReNew Energy Global plc (Symbol: RNW) entered into oversold territory, changing hands as low as $6.145 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In the case of ReNew Energy Global plc, the RSI reading has hit 29.6 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 41.7, the RSI of WTI Crude Oil is at 42.9, the RSI of Henry Hub Natural Gas is presently 37.6, and the 3-2-1 Crack Spread RSI is 44.1. A bullish investor could look at RNW's 29.6 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), RNW's low point in its 52 week range is $4.035 per share, with $7.79 as the 52 week high point — that compares with a last trade of $6.21. ReNew Energy Global plc shares are currently trading off about 3.6% on the day.
Also see:
Cheap Consumer Stocks Institutional Holders of NBHC
Funds Holding HVAL
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
