RE:OversoldBe careful of using RSI to determine a good buying opportunity. A stock can remain oversold for a long time and the price can decline futher if the fundamentals/market/industry doesn't support a move up. The RSI can improve while the stock trades sideways. As the selling picks up again the price moves down further and the RSI looks oversold again. Price trades flat for a period, RSI improves, then the selling picks up, price declines and RSI looks oversold again. In a down market this continues until the trend reverses.
This happened to LEG in mid July and again in Mid August and look where we are now. INdustry and market fundamentals have taken us to where we are today, regardless of how oversold it looked in July and August a buy then has led to big losses. Granted, LEG is showing a much lower RSI right now than in July or August but until the price of oil stops sliding LEG will go lower, as will other E&P companies. RSI is only a good indicator to trade on if a stock has been getting beaten up relative to its peers. All of LEGs peers are getting hammerred.
I've got a lot of LEG in my portfolio so I hope it does go back up soon but I'm not expecting that to happen anytime soon.