Relative Strength Alert For Canfor (CFP)

Apr 10 2014, 4:34pm CDT | by

Relative Strength Alert For Canfor (CFP)
Photo Credit: Forbes Business

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 Thursday, shares of Canfor Corp (Toronto: CFP) entered into oversold territory, hitting an RSI reading of 29.6, after changing hands as low as $24.32 per share. By comparison, the current RSI reading of the S&P/TSX Composite Index is 50.5. A bullish investor could look at CFP’s 29.6 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 CFP shares:

Click here to find out which 9 other oversold Canadian stocks you need to know about, at DividendChannel.com »

Looking at the chart above, CFP’s low point in its 52 week range is $17.28 per share, with $30.02 as the 52 week high point — that compares with a last trade of $24.51. Find out what 9 other oversold stocks you need to know about »


Special Offer: Follow Gordon Pape’s Canadian stock tips with a 30 day FREE trial to the Internet Wealth Builder newsletter
/>/>
 
 

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

Global entrepreneurship summit boost for SMEs
Marrakech, Nov 22 (IANS) Nine agreements were signed between the Moroccan General Confederation of Enterprises (CGEM) and several small and medium enterprises (SMEs) as well as between major Moroccan banks and start-ups at the 5th Global Entrepreneurship Summit (GES 2014) held in Morocco.
 
 
NASA's flying saucer among 'Best of What's New'
Washington, Nov 22 (IANS) NASA's Low-Density Supersonic Decelerator (LDSD), a spacecraft that aims to facilitate the safe landing of future Mars missions, has earned a place in the the Popular Science magazine's "Best Of What's New" list.
 
 
Indian helping to light up Gambia (Diaspora Feature)
Banjul (Gambia), Nov 22 (IANS) Like many Indians who are proving to be philanthropists around Africa, Ram Mohan has set up a social business called Comafrique Intelizon Initiative and has embarked on the replacement of candles in villages in the Gambia with solar lights from India.
 
 
Leopards in human areas not conflict animals: Study
New Delhi, Nov 22 (IANS) Leopards in human areas are not always "stray" or "conflict" animals but residents with strategies to thrive in human dominated areas, says the first GPS-based study of leopards in India.
 
 
 

Latest from the Network

Amazon Black Friday: Samsung UN32H5203 Black Friday TV Deal is Best Seller on Amazon
Amazon begun to take pre-orders on 15 Samsung TV Black Friday 2014 TV deals. All deals are the at the lowest advertised prices in Black Friday ads. All Samsung Black Friday deals seem to be controlled by Samsung. Amazon...
Read more on Black Friday Countdown
 
Evangeline Lilly appreciated new Hobbit role
Evangeline Lilly found it ''liberating'' playing a new character in 'The Hobbit' movies. The former 'Lost' actress joined the cast as Tauriel in second movie 'The Hobbit: The Desolation of Smaug' and though she was...
Read more on Movie Balla
 
Indian smuggler shot by Nepal police
Kathmandu, Nov 22 (IANS) Nepal Police shot dead an Indian national along the Nepal-India border while he was smuggling weapons from India. The incident took place Saturday afternoon in Bishnupura village of Rupandhei...
Read more on Politics Balla
 
Battle with IS militants continues in Iraq
Baghdad, Nov 22 (IANS) Iraqi security forces launched a major offensive against Islamic State (IS) militants in the western province of Anbar Saturday, even as fighting continued in the province of Salahudin, a...
Read more on Politics Balla
 
Global entrepreneurship summit boost for SMEs
Marrakech, Nov 22 (IANS) Nine agreements were signed between the Moroccan General Confederation of Enterprises (CGEM) and several small and medium enterprises (SMEs) as well as between major Moroccan banks and start-...
Read more on Business Balla
 
Five killed in Indonesia landslides
Jakarta, Nov 22 (IANS) At least five people were killed and many houses damaged in landslides in Indonesia's North Sumatra Saturday, an official said here. Heavy downpour caused the landslides in Sibio Bio village of...
Read more on Politics Balla
 
Al-Shabaab claims responsibility for Kenya bus attack
Nairobi, Nov 22 (IANS) Somalia-based militant group Al-Shabaab Saturday claimed responsibility for the killing of 28 bus passengers in Kenya. Al-Shabaab spokesman Sheikh Ali Mohamud Rage said the dawn attack on the...
Read more on Politics Balla
 
Force India cars to start 13th, 14th at Abu Dhabi
Abu Dhabi, Nov 22 (IANS) Force India drivers Sergio Perez and Nico Hulkenberg will start 13th and 14th at the season ending Formula 1 Abu Dhabi Grand Prix to be held at the Yas Marina Circuit here Sunday. In Saturday'...
Read more on Sport Balla
 
Chandhok finishes 6th in Putrajaya ePrix
Putrajaya (Malaysia), Nov 22 (IANS) India's Karun Chandhok, driving for Mahindra Racing, eventually finished sixth to bring home eight points despite racing for a podium spot for most of the Formula E Putrajaya ePrix...
Read more on Sport Balla
 
Australia replace Sandhu with Conway in team facing India
Melbourne, Nov 22 (IANS) New South Wales (NSW) fast bowler Harry Conway replaced bowler Gurinder Sandhu in the CA XI squad in the first tour match against India as the Indian-origin player was selected for the NSW...
Read more on Sport Balla