Oversold! In trading on Tuesday, shares of Valeant Pharmaceuticals International Inc (NYSE: VRX) entered into oversold territory, hitting an RSI reading of 26.1, after changing hands as low as $37.24 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 63.1. A bullish investor could look at VRX’s 26.1 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 VRX shares:
Looking at the chart above, VRX’s low point in its 52 week range is $37.24 per share, with $263.81 as the 52 week high point — that compares with a last trade of $38.74. Find out what 9 other oversold stocks you need to know about »
VRX makes up 2.22% of the Pharmaceutical ETF (AMEX: PPH)