NYSEAM:ITP - Post by User
Post by
junerileyon Aug 24, 2012 12:01pm
290 Views
Post# 20257044
whipsaw
whipsaw Intertape Polymer Group Getting Very Oversold
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 Intertape Polymer Group Inc. (Toronto: ITP) entered into oversold territory, hitting an RSI reading of 30.0, after changing hands as low as $7.15 per share. By comparison, the current RSI reading of the S&P/TSX Composite Index is 66.3. A bullish investor could look at ITP’s 30.0 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.
https://www.forbes.com/sites/dividendchannel/2012/08/24/intertape-polymer-group-getting-very-oversold/?partner=yahootix