One widely-used metric could help investors pick out which names to buy, and which stocks to avoid, in an uncertain market.
For traders, one widely-used metric can help participants separate the most overbought, and oversold, stocks on Wall Street right now. The "relative strength index" measures the speed and magnitude of recent price moves , letting investors gauge possible overbought and oversold conditions in the market. A stock that has a 14-day RSI greater than 70 is considered overbought, meaning it may be extended after a strong run, meaning time for investors to reduce exposure.
In October, Barclays said investors should sell shares of Amgen given high expectations around an obesity drug. Goldman Sachs, however, said in a November note that the obesity treatment can potentially unlock a "blockbuster opportunity." Moderna shares were also oversold, according to CNBC's screen. The pharmaceutical stock has a 14.6 14-day RSI rating, with just 35% of analysts rating the stock a buy. Moderna shares have dropped 8% this year.
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