The Boeing Company (BA) has been on a bit of a cold streak lately, but there might be light at the end of the tunnel for this overlooked stock. And for technical investors there is some hope when looking at BA given that, according to its RSI reading of 27.97, it is now in oversold territory.
What is RSI?
RSI stands for ‘Relative Strength Index’ and it is a popular indicator used by technically focused investors. It compares the average of gains in days that closed up to the average of losses in days that closed down; readings above 70 suggest an asset is overbought, while an RSI below 30 suggests undervalued conditions are present.
Yet, BA’s low RSI value isn’t the only reason to have some optimism over a coming turnaround, as there has been plenty of positive earnings estimate revision activity as of late. This is especially true when investors take a deep dive into some of these estimate revision stats and recent changes to Boeing’s earnings consensus.
— Zacks Investment Research