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Genco Shipping & Trading Ltd Getting Very Oversold (GNK)

By Market News Video Staff, Wednesday, November 23, 2:38 PM ET
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Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In trading on Wednesday, shares of Genco Shipping & Trading Ltd (GNK) entered into oversold territory, hitting an RSI reading of 29.9, after changing hands as low as $6.64 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 38.1. A bullish investor could look at GNK's 29.9 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of GNK shares:

Genco Shipping & Trading Ltd 1 Year Performance Chart

Looking at the chart above, GNK's low point in its 52 week range is $4.15 per share, with $15.65 as the 52 week high point that compares with a last trade of $6.62. Find out what 9 other oversold stocks you need to know about

According to the ETF Finder at ETF Channel, GNK makes up 2.06% of the Guggenheim Shipping ETF (AMEX:SEA) which is trading lower by about 3.5% on the day Wednesday.

See what other ETFs contain GNK
See what other stocks are held by SEA

GNK operates in the Shipping sector, among companies like Golar LNG Partners LP (NASDAQ:GMLP) which is trading flat today and has a current RSI reading of 60.1. Below is a three month price history chart comparing the stock performance of GNK, versus GMLP.

GNK,GMLP Relative Performance Chart


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Genco Shipping & Trading Ltd Getting Very Oversold (GNK) | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners. In no way should any content contained herein be interpreted to represent trading or investment advice. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.