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In trading on Monday, shares of Loral Space & Communications Inc (NASDAQ:LORL) entered into overbought territory, changing hands as high as $64.63 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 Loral Space & Communications Inc, the RSI reading has hit 70.0 — by comparison, the RSI reading for the S&P 500 ETF (SPY) is presently 60.5.
Investors could look at LORL's 70.0 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 LORL shares:
Looking at the chart above, LORL's low point in its 52 week range is $45.65 per share, with $82.49 as the 52 week high point — that compares with a last trade of $64.38.
According to the ETF Finder at ETF Channel, LORL makes up 1.64% of the SPDR S&P Telecom ETF (AMEX:XTL) which is trading higher by about 1.4% on the day Monday.
LORL operates in the Manufacturing sector, among companies like Dolby Laboratories Inc (NYSE:DLB) which is off about 0.1% today and has a current RSI reading of 65.3. Below is a three month price history chart comparing the stock performance of LORL, versus DLB.
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