In trading on Thursday, shares of LIN TV Corp (NYSE:TVL) entered into overbought territory, changing hands as high as $4.205 per share. We define overbought territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be overbought if the RSI reading rises above 70. In the case of LIN TV Corp, the RSI reading has hit 70.4 — by comparison, the RSI reading for the S&P 500 ETF (SPY) is presently 46.7.
Investors could look at TVL's 70.4 reading as a sign that the recent heavy buying is overdue to take a breather, which could bring a pullback in the stock. The chart below shows the one year performance of TVL shares:
Looking at the chart above, TVL's low point in its 52 week range is $1.75 per share, with $6.56 as the 52 week high point — that compares with a last trade of $4.15.
TVL operates in the Television & Radio sector, among companies like Virgin Media Inc (NASDAQ:VMED) which is up about 0.2% today and has a current RSI reading of 34.9. Below is a three month price history chart comparing the stock performance of TVL, versus VMED.
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