Griffon Enters Oversold Territory (GFF) | Global Market News
Legendary investor Warren Buffett advises to be fearful when others are grasping, and be grasping when others are fearful. One manner we will attempt to measure the extent of concern in a given stock is thru a technical evaluation indicator known as the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is taken into account to be oversold if the RSI studying falls under 30.
In trading on Wednesday, shares of Griffon Corp. (Symbol: GFF) entered into oversold territory, hitting an RSI studying of 28.2, after altering palms as low as $24.12 per share. By comparability, the present RSI studying of the S&P 500 ETF (SPY) is 39.3. A bullish investor may take a look at GFF’s 28.2 RSI studying in the present day as a signal that the current heavy promoting is within the course of of exhausting itself, and start to search for entry level alternatives on the buy facet. The chart under exhibits the one 12 months efficiency of GFF shares:
Looking on the chart above, GFF’s low level in its 52 week vary is $21.47 per share, with $29.42 because the 52 week high level — that compares with a final trade of $24.08.
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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
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