Top 3 Materials Stocks That Are Preparing To Pump This quarter
$ALTM
$LZM
$NEM
Major Chemicals
Industrials
Metal Mining
Basic Materials
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.
Arcadium Lithium plc (NYSE:ALTM)
- On Feb. 22, Arcadium Lithium posted better-than-expected quarterly earnings. "We are excited to officially begin operating as Arcadium Lithium, leveraging the strengths of two highly complementary organizations and continuing to grow as one of the leading producers of lithium chemicals globally," said Paul Graves, president and chief executive officer of Arcadium Lithium. The company’s stock fell around 11% over the past month and has a 52-week low of $4.15 .
- RSI Value: 26.57
- ALTM Price Action: Shares of Arcadium Lithium gained 1.9% to close at $4.83 on Tuesday.
Newmont Corporation (NYSE:NEM)
- On Feb. 22, Newmont said fourth-quarter revenue increased 24% Y/Y to $3.957 billion, above the consensus of $3.45 billion. Revenue rose Y/Y on higher sales volumes and higher realized gold prices. The company’s stock fell around 10% over the past five days. It has a 52-week low of $29.74.
- RSI Value: 28.24
- NEM Price Action: Shares of Newmont fell 0.5% to close at $29.86 on Tuesday.
Lifezone Metals Limited (NYSE:LZM)
- On Feb. 26, Lifezone Metals announced two-phased development plan for the Kabanga Nickel Project in Tanzania. The company’s stock fell around 19% over the past month and has a 52-week low of $4.52.
- RSI Value: 29.24
- LZM Price Action: Shares of Lifezone Metals fell 1.3% to close at $4.68 on Tuesday.
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