Top 3 Tech And Telecom Stocks That Are Set To Fly In July

by | Jul 24, 2024 | Markets

The most oversold stocks in the communication services 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.

Walt Disney Co (NYSE:DIS)

  • On July 22, India’s antitrust body has raised concerns about the $8.5 billion merger between Disney’s media assets and Reliance Industries. The company’s stock fell around 11% over the past month and has a 52-week low of $78.73.
  • RSI Value: 20.76
  • DIS Price Action: Shares of Disney fell 3.4% to close at $90.94 on Tuesday.
  • Benzinga Pro’s real-time newsfeed alerted to latest Disney news.

IQIYI Inc – ADR (NASDAQ:IQ)  

  • On July 23, HSBC analyst Charlene Liu downgraded iQIYI from Hold to Reduce and lowered the price target from $4.7 to $3. The company’s stock fell around 15% over the past five days. It has a 52-week low of $3.06.
  • RSI Value: 26.29
  • IQ Price Action: Shares of IQIYI fell 6.5% to close at $3.16 on Tuesday.
  • Benzinga Pro’s charting tool helped identify the trend in IQIYI stock.

Kanzhun Ltd (NASDAQ:BZ)

  • On May 21, Kanzhun posted upbeat quarterly results. Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, remarked, “We are pleased to have achieved a strong start in the first quarter, with all financial metrics exceeding management’s expectations. In the meantime, our user scale and number of paid enterprise customers continue to grow.” The company’s stock dipped around 22% over the past month and has a 52-week low of $12.57.
  • RSI Value: 24.19
  • BZ Price Action: Shares of Kanzhun fell 0.8% to close at $15.93 on Tuesday.
  • Benzinga Pro’s signals feature notified of a potential breakout in BZ shares.

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