Parsons Corp Enters Oversold Territory with Low RSI Reading

Parsons Corp's stock has fallen into oversold territory, indicated by an RSI of 28.8. This suggests a potential opportunity for bullish investors as heavy selling may soon exhaust. The current share price stands at $92.75, showing significant fluctuation within its 52-week range.

Date: 27-12-2024

AI Rating: 6

According to the report, Parsons Corp (PSN) has entered an oversold condition as evidenced by its Relative Strength Index (RSI) of 28.8, which is below the threshold of 30 that typically indicates a stock is oversold. The RSI reading serves as a technical indicator, suggesting that the recent heavy selling may be nearing an end, potentially presenting a buying opportunity for investors.

The report highlights that the S&P 500 ETF (SPY) has an RSI of 45.1, indicating that PSN is under a greater level of selling pressure compared to the broader market. The current trading price for PSN is reported at $92.75, a significant point as it demonstrates a sharp decline, making it a subject of interest for investors considering an entry point.

The analysis of the stock's 52-week range shows a low point of $61.355 and a high point of $114.68. Given the current price, investors may find this information relevant as it suggests a potential for recovery towards the higher end of this range, assuming bullish momentum returns.

Stocks: PSN