Top 3 Materials Stocks That Could Blast Off In Q1

Avi Kapoor

March 22, 2024

The most oversold stocks in the materials 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.

United States Steel Corporation (NYSE:X)

On March 18, United States Steel provided first-quarter FY24 guidance. The company expects adjusted EPS of $0.80-$0.84 (vs. consensus of $0.89) and sees adjusted EBITDA of around $425 million.. The company’s stock fell around 14% over the past month and has a 52-week low of $20.40 .
RSI Value: 28.36
X Price Action: Shares of United States Steel gained 0.9% to close at $40.05 on Thursday.

Crown ElectroKinetics Corp. (NASDAQ:CRKN)

On March 13, Crown Electrokinetics issued guidance for the first and second quarters of 2024. The company’s stock fell around 40% over the past month. It has a 52-week low of $0.0550.
RSI Value: 24.96
CRKN Price Action: Shares of Crown ElectroKinetics fell 2.8% to close at $0.0598 on Thursday.

Inno Holdings Inc. (NASDAQ:INHD)

On Dec. 15, INNO Holdings announced the launch of its revolutionary Mobile Factory. "Our Mobile Factory is a game-changer for remote locations and rapid deployment in disaster-stricken areas. By producing construction materials onsite, we can dramatically reduce the cost and time of transportation, effectively lowering the carbon footprint for larger projects," said Dekui (D.K) Liu, Chief Executive Officer of INNO Holdings. The company’s stock fell around 32% over the past month and has a 52-week low of $0.81.
RSI Value: 19.25
INHD Price Action: Shares of Inno Holdings fell 2.3% to close at $0.8109 on Thursday.

Read More: Investor Optimism Improves Slightly; Dow Jumps Over 250 Points

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