Synnex Enters Oversold Territory (SNX)

Jan 10 2014, 12:17pm CST | by

Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. 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 Friday, shares of Synnex Corp (NYSE: SNX) entered into oversold territory, hitting an RSI reading of 25.2, after changing hands as low as $56.0605 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 58.3. A bullish investor could look at SNX’s 25.2 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 SNX shares:

Looking at the chart above, SNX’s low point in its 52 week range is $32.04 per share, with $68.71 as the 52 week high point — that compares with a last trade of $58.02. Find out what 9 other oversold stocks you need to know about »

According to the ETF Finder at ETFChannel.com, SNX makes up 1.24% of the S&P SmallCap Information Technology Portfolio ETF (NASD: PSCT) which is trading lower by about 0.4% on the day Friday.


Special Offer: Establish a secure stream of income during your retirement years by following the Retiree Income Portfolio with this free 30 day trial


Source: Forbes Business

/>/>
 
 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Experimental Ebola vaccine safe, bolsters immunity
Washington, Nov 27 (IANS) An experimental vaccine to prevent Ebola virus disease has been found to be well-tolerated and produced immune system responses in all 20 healthy adults who received it in a Phase 1 clinical trial, researchers report.
 
 
Natural shield 11,000 km above Earth stops radiation
Washington, Nov 27 (IANS) In a pioneering feat, researchers from Massachusetts Institute of Technology (MIT) and University of Colorado in Boulder have discovered an invisible shield some 11,000 kms above Earth that works against the harmful radiation belt.
 
 
Nigerian opposition criticise government for currency devaluation
Abuja, Nov 27 (IANS) The All Progressives Congress(APC), Nigeria's main opposition party, Wednesday criticised the government for its move to devalue the country's currency naira.
 
 
Britain deploys military helicopters to aid for Ebola-hit Sierra Leone
London, Nov 27 (IANS) Britain has deployed Royal Navy helicopters to deliver materials to northern Sierra Leone as the part of its ongoing efforts to tackle Ebola, the British Department for International Development (DFID) said Wednesday.
 
 
 

Latest from the Network

Deals upon deals for Black Friday 2014
Nov. 28th, 2014 will be newest edition of the Black Friday Christmas shopping holiday. Every major retailer on the planet will have deals and discounts. As with every Christmas holiday, there are hot toys and gifts...
Read more on Black Friday Countdown
 
Ferguson trying to get back to normal
New York, Nov 27 (IANS/EFE) The town of Ferguson in the US state of Missouri is trying to get back to normal after two nights of disturbances and rioting following the decision by a grand jury not to indict a white...
Read more on Politics Balla
 
Experimental Ebola vaccine safe, bolsters immunity
Washington, Nov 27 (IANS) An experimental vaccine to prevent Ebola virus disease has been found to be well-tolerated and produced immune system responses in all 20 healthy adults who received it in a Phase 1 clinical...
Read more on Business Balla
 
Black Friday looks to be big at Bass Pro Shops
Bass Pro Shops is known worldwide as being a leader in the retail sales of sporting goods, outdoor gear, fishing gear, and a whole lot more. Black Friday 2014 looks to be a big one for Bass Pro Shops as they have...
Read more on Black Friday Countdown
 
Australian batsman Phil Hughes is dead
Sydney, Nov 27 (IANS) Australian batsman Phillip Hughes, who was struck on the head by a cricket ball died in hospital, authorities said Thursday. The incident took place when Hughes was playing in a Sheffield Shield...
Read more on Sport Balla
 
Natural shield 11,000 km above Earth stops radiation
Washington, Nov 27 (IANS) In a pioneering feat, researchers from Massachusetts Institute of Technology (MIT) and University of Colorado in Boulder have discovered an invisible shield some 11,000 kms above Earth that...
Read more on Business Balla
 
Germany introduces a female quota for senior corporate posts
Berlin, Nov 27 (IANS/EFE) German Chancellor Angela Merkel's Grand coalition has agreed to introduce a quota for women in senior corporate positions. Minister of Family Affairs Manuela Schwesig Wednesday said the law...
Read more on Politics Balla
 
Japanese man sues women-only university for rejecting him
Tokyo, Nov 27 (IANS/EFE) A young Japanese man is suing an all-female public university for gender discrimination after being denied admission, according to a media reports. The man, aspiring to enroll in Fukuoka...
Read more on Politics Balla
 
Brown case highlights alarming pattern: Rights panel
Miami, Nov 27 (IANS/EFE) The grand jury decision not to indict the white police officer who fatally shot unarmed black teenager Michael Brown in Ferguson, Missouri, spotlights "an alarming pattern of law enforcement...
Read more on Politics Balla
 
15 wins in a row great achievement: Ancelotti
Geneva, Nov 27 (IANS) Real Madrid coach Carlo Ancelotti has called Real Madrid's 15th straight victory "a great achievement" and said he expected Basel to advance in the Champions League. Real defeated Basel 1-0...
Read more on Sport Balla