PGTI Crosses Critical Technical IndicatorBy Metals Channel Staff, Friday, November 8, 11:42 AM ET
In trading on Friday, shares of PGT Innovations Inc (NYSE:PGTI) entered into oversold territory, changing hands as low as $14.5601 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 PGT Innovations Inc, the RSI reading has hit 29.3 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 47.1, the RSI of Spot Gold is at 38.8, and the RSI of Spot Silver is presently 33.5.
A bullish investor could look at PGTI's 29.3 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), PGTI's low point in its 52 week range is $13.30 per share, with $21.49 as the 52 week high point — that compares with a last trade of $15.23. PGT Innovations Inc shares are currently trading off about 1.4% on the day.
Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter
This Article's Word Cloud: Channel Dividend Friday Gold Index Innovations Looking Metals NYSE Newsletter Offer Oversold PGTI Premium Receive Relative Silver Special Spot Start Stocks Strength about afternoon analysis average begin below best bullish case changing chart compares comparison considered could currently look mdash oversold point reading share shares territory that trading week with