Top 3 Materials Stocks That May Explode In Q2

Avi Kapoor

June 26, 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.

Ball Corp (NYSE:BALL)

On June 25, Truist Securities analyst Michael Roxland upgraded Ball from Hold to Buy and raised the price target from $67 to $76. The company's stock fell around 8% over the past five days and has a 52-week low of $42.81.
RSI Value: 29.32
BALL Price Action: Shares of Ball fell 0.3% to close at $61.40 on Tuesday.
Benzinga Pro's real-time newsfeed alerted to latest Ball’s news.

O-I Glass Inc (NYSE:OI)

On June 18, O-I Glass announced plans to invest $65 million in electrification and decarbonization in Veauche, France. The company's stock fell around 14% over the past month. It has a 52-week low of $10.78.
RSI Value: 27.50
OI Price Action: Shares of O-I Glass fell 0.9% to close at $10.98 on Tuesday.
Benzinga Pro's charting tool helped identify the trend in OI’s stock.

Nucor Corp (NYSE:NUE)

On June 14, Nucor cautioned that it expects earnings of $2.20 to $2.30 per diluted share, significantly lower than $5.81 in the year-ago period. The earnings expectations fell short of the $2.99 consensus. The company's stock fell around 10% over the past month and has a 52-week low of $140.08.
RSI Value: 28.67
NUE Price Action: Shares of Nucor fell 2.6% to close at $151.48 on Tuesday.
Benzinga Pro's signals feature notified of a potential breakout in NUE's shares.

Read More: Gossamer Bio And 2 Other Stocks Under $2 Insiders Are Buying

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