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Legendary investor Warren Buffett advises being fearful when others are greedy and being greedy when others are fearful. One way we can try to gauge how fearful a given stock is is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of 0 to 100. A stock is considered oversold if the RSI reading is below 30.
Shares of Live Nation Entertainment Inc (ticker: LYV ) entered oversold territory during Friday’s session, hitting an RSI reading of 29.4 after changing hands as low as $65.05 per share. In comparison, the current RSI reading for the S&P 500 ETF (SPY) is 57.9. Bullish investors can look at LYV’s 29.4 RSI reading today as a sign that the recent heavy sell-off is exhausting and start looking for entry point opportunities on the buy side. The chart below shows the one-year performance of LYV stock:
As you can see from the chart above, LYV had a low of $65.05 per share in its 52-week range, a 52-week high of $126.79, and a price of $66.53 when it last traded.
See also:
• DOL average annual rate of return
The views and opinions expressed here are those of the authors and do not necessarily reflect those of Nasdaq Corporation.
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