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OPY Crosses Technical Indicator Thursday, January 12, 4:57 PM ET, by Market News Video Staff In trading on Thursday, shares of Oppenheimer Holdings Incorporated (OPY) entered into overbought territory, changing ...
In trading on Thursday, shares of Oppenheimer Holdings Incorporated (NYSE:OPY) entered into overbought territory, changing hands as high as $18.44 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 Oppenheimer Holdings Incorporated, the RSI reading has hit 72.2 — by comparison, the RSI reading for the S&P 500 ETF (SPY) is presently 72.1.
Investors could look at OPY's 72.2 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 OPY shares:
Looking at the chart above, OPY's low point in its 52 week range is $12.47 per share, with $34.87 as the 52 week high point — that compares with a last trade of $18.38.
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