The most oversold stocks in the utilities 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.
Alternus Clean Energy Inc (NASDAQ:ALCE)
- On Jan. 25, Alternus Clean Energy entered a strategic alliance with Dallas-based Hover Energy, an established leader in the development and deployment of Wind Powered MicrogridTM systems. Vincent Browne, CEO of Alternus Clean Energy, commented, "This alliance is promising, because it enables us to differentiate our C&I offering versus traditional solar-only competitors. Hover's unique and proven wind technology enables each project to generate around the clock." The company’s stock fell around 66% over the past month and has a 52-week low of $0.29 .
- RSI Value: 18.67
- ALCE Price Action: Shares of Alternus Clean Energy fell 2.8% to close at $0.3450 on Thursday.
Xcel Energy Inc. (NASDAQ:XEL)
- On Feb. 29, Xcel Energy disclosed that it faces potential liability for the Smokehouse Creek Fire. The company’s stock fell around 11% over the past five days. It has a 52-week low of $52.11.
- RSI Value: 21.60
- XEL Price Action: Shares of Xcel Energy fell 8.6% to close at $52.69 on Thursday.
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