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At approximately 1 p.m. on May 9, two rolls of roofing underlay, eight roof vents, and a 30-pound box of roofing nails were reported missing. The items are valued at around $420. |
RSI Alert: Beacon Roofing Supply (BECN) Now Oversold - Forbes
One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In trading on Thursday, shares of Beacon Roofing Supply Inc ( NASD: BECN ) entered into oversold territory, hitting an RSI reading of 29.9, after changing hands as low as $32.96 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 48.1. A bullish investor could look at BECNs 29.9 RSI reading today 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. The chart below shows the one year performance of BECN shares: Looking at the chart above, BECNs low point in its 52 week range is $32.96 per share, with $42.70 as the 52 week high point that compares with a last trade of $33.22. Home Construction ETF ( AMEX: ITB ) which is trading lower by about 0.3% on the day Thursday.
01:20 - 17/5/2014 - post comment
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