Top 3 Financial Stocks That Are Preparing To Pump In November
Avi Kapoor 3 hours ago
MarketsTrading IdeasPre-Market OutlookLong IdeasNews
Bank of America, HSBC and ING are oversold financial stocks with RSI below 30, potentially offering undervalued buying opportunities.
The most oversold stocks in the financial sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.
Here’s the latest list of major oversold players in this sector, having an RSI near or below 30.
Bank of America Corporation (NYSE:BAC)
- On Nov. 3, Bank of America named Josh Barnes as Knoxville market President. The company’s stock fell around 8% over the past month and has a 52-week low of $46.12.
- RSI Value: 27.2
- BAC Price Action: Shares of Bank of America gained 0.2% to close at $49.66 on Tuesday.
- Edge Stock Ratings: 19.62 Momentum score.
HSBC Holdings PLC (NYSE:HSBC)
- On Oct. 30, Uber Technologies Inc. (NYSE:UBER) partnered with HSBC and Franklin Templeton (NYSE:BEN) in a blockchain-based investment pilot to earn additional returns on idle corporate cash through weekend trading. The company’s stock fell around 13% over the past month and has a 52-week low of $67.56.
- RSI Value: 21.8
- HSBC Price Action: Shares of HSBC declined 1.7% to close at $84.49 on Tuesday.
- Benzinga Pro’s charting tool helped identify the trend in HSBC stock.
ING Groep NV (NYSE:ING)
- On Oct. 29, ING reported worse-than-expected third-quarter EPS results. The company’s stock fell around 11% over the past month and has a 52-week <a href=”https://www.benzinga.com/quote/ING”><em> low of $24.35.</em></a>
- RSI Value: 26.9
- ING Price Action: Shares of ING fell 1.5% to close at $30.90 on Tuesday.
- Benzinga Pro’s signals feature notified of a potential breakout in ING shares.
Learn more about BZ Edge Rankings—click to see scores for other stocks in the sector and see how they compare.
Photo via Shutterstock