Oversold Conditions For Medivation (MDVN)

Apr 4 2014, 12:25pm CDT | 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 Medivation Inc (NASD: MDVN) entered into oversold territory, hitting an RSI reading of 29.0, after changing hands as low as $61.098 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 63.6. A bullish investor could look at MDVN’s 29.0 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 MDVN shares:

Looking at the chart above, MDVN’s low point in its 52 week range is $44.51 per share, with $88.20 as the 52 week high point — that compares with a last trade of $61.19. Find out what 9 other oversold stocks you need to know about »

According to the ETF Finder at ETFChannel.com, MDVN makes up 2.53% of the PowerShares Dynamic Biotechnology & Genome Portfolio ETF (AMEX: PBE) which is trading lower by about 1.9% on the day Friday.


Can your brain be trained to become a chart-predicting wizard? Click here to find out
/>/>
 
 

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

Bird flu hits third poultry farm in Netherlands
The Hague, Nov 22 (IANS) An outbreak of bird flu was detected at a third Dutch poultry farm, the country's ministry of economic affairs announced Friday.
 
 
Hollande to visit Guinea next week, focus on fighting Ebola
Paris, Nov 22 (IANS) French President Francois Hollande will visit the West African countries next week, including the Ebola-hit Guinea-Conakry Nov 28 and will focus on ways to eradicate the deadly virus, media reported Friday.
 
 
Carla Bruni to lend voice to combat Ebola
Paris, Nov 22 (IANS/EFE) Former model and former first lady of France, Carla Bruni, will lend her voice to the French version of the song "Do They Know It's Christmas?" to raise funds to help combat Ebola.
 
 
Spanish health worker flown home after possible Ebola contagion
Madrid, Nov 21 (IANS) A Spanish health worker with Doctors Without Borders (MSF) arrived back in Spain Friday morning from Mali after being deemed at risk of contagion from the Ebola virus.
 
 
 

Latest from the Network

'Planet of the Apes ' left Andy Serkis in 'agony'
Las Vegas, Nov 22 (IANS) Actor Andy Serkis says his film "Planet of the Apes" left him in "agony". Serkis played the chimpanzee in the 2011 sci-fi movie and its sequel, 2013's "Dawn of the Planet of the Apes". He...
Read more on Celebrity Balla
 
Obama defends his immigration reform plan
Las Vegas, Nov 22 (IANS/EFE) US President Barack Obama has defended his immigration reform plans, which could protect five million undocumented immigrants from deportation. Obama was welcomed in Las Vegas Friday with...
Read more on Politics Balla
 
Chris Hemsworth says tattoos are a pain
Chris Hemsworth says his tattoos are often ''a pain'' when he's filming. The 'Thor' star, who was crowned the Sexiest Man Alive by PEOPLE magazine earlier this week, has a few sentimental designs inked on his body, but...
Read more on Celebrity Balla
 
Queen Latifah's show has been axed
Queen Latifah's talk show has been cancelled. The 44-year-old actress's self-titled series, 'The Queen Latifah Show,' which launched in 2013, has been axed after two seasons. The 'Dilemma' star confirmed her ''...
Read more on Celebrity Balla
 
Kelsey Grammer is 'so proud' of daughter
Kelsey Grammer is ''so proud'' his daughter has been named Miss Golden Globe 2015. Greer Grammer will assist hosts Amy Poehler and Tina Fey on stage during the 72nd annual awards ceremony at the Beverly Hilton Hotel in...
Read more on Celebrity Balla
 
Jordan's Muslim Brotherhood demands leader's release
Amman, Nov 22 (IANS) Jordan's Muslim Brotherhood has demanded the release of its detained leader Zaki Bani Rsheid. In a statement Friday, the group said that the security forces had arrested its deputy head Zaki Bani...
Read more on Politics Balla
 
Israel and Palestine agree on Gaza reconstruction: UN official
United Nations, Nov 22 (IANS) An agreement has been reached between Israel, Palestine and the United Nations (UN) under which nearly 25,000 homeowners in Gaza can access materials to repair their damaged homes starting...
Read more on Politics Balla
 
Ed Sheeran likes Primark pants
Las Vegas, Nov 22 (IANS) Singer Ed Sheeran says since people don't see underpants thats why he prefers Primark. The 23-year-old doesn't see any point in splashing out on something that is "only meant to keep your junk...
Read more on Celebrity Balla
 
Lebanon won't celebrate independence day, owing to presidential vacancy
Beirut, Nov 22 (IANS) Lebanon has cancelled all official plans to celebrate its independence day, according to media reports. The decision was taken owing to the current vacancy in the country's presidency, Xinhua...
Read more on Politics Balla
 
Davis Cup final: Monfils upsets Federer, brings France level
Lille, Nov 22 (IANS/EFE) Gael Monfils of France stunned Swiss great Roger Federer 6-1, 6-4, 6-3 Friday to even up the Davis Cup final, after Stanislas Wawrinka had beaten Jo-Wilfried Tsonga to give Switzerland the lead...
Read more on Sport Balla