PGTI breaks through critical technical indicator
During Wednesday’s trading, shares of PGT Innovations Inc (Symbol: PGTI) entered oversold territory, changing hands as low as $17.62 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered oversold if the RSI reading falls below 30.
In the case of PGT Innovations Inc, the RSI reading reached 27.9 – in comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 47.5, Spot Gold’s RSI is at 15.4 and Spot Silver’s RSI is currently 24.0. A bullish investor might take the 27.9 reading from PGTI as a sign that the recent selloff is running out of steam and starting to look for entry point opportunities on the buy side.
Looking at a one-year performance chart (below), PGTI’s low point in its 52-week range is $15.42 per share, with $23.81 as its 52-week high – compare with a final trade of $17.62. Shares of PGT Innovations Inc are currently trading down around 2% on the day.
Also see:
• CPHD insider buying
• Institutional DHCP Holders
• BLCK options chain
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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