Down -59.2% in 4 Weeks, Here's Why Phunware (PHUN) Looks Ripe for a Turnaround
Phunware has been beaten down lately with too much selling pressure. While the stock has lost 59.2% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.We use Relative Strength Index , one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.The heavy selling of PHUN shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 28.44. So, th