Top 5 Consumer Stocks That May Explode In June
BY Benzinga
— 8:44 AM ET 06/16/2023
The most oversold stocks in the consumer discretionary 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.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
Mullen Automotive, Inc. (NASDAQ:MULN)
Mullen highlighted its cash position of $135 million in a letter to shareholders and said it believes it's currently trading at a discount relative to its cash holdings. The company also noted that its stock has declined 90% since the end of March. "Despite the decline in stock price, management believes we are in position to meet the previously announced objectives for moving first into the production and then sale of our Class 3 commercial vehicles during the quarter ending Sept. 30, 2023," the company said. The company's stock has a 52-week low of $0.20 .
RSI Value: 29.82
MULN Price Action: Shares of Mullen Automotive rose 16.3% to close at $0.2616 on Thursday.
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