Ultimate Software Group Enters Oversold Territory

Ultimate Software Group

Perhaps the most efficient way to measure the level of fear in a given stock, the Relative Strength Index (RSI) is a technical analysis indicator that measures a stock’s momentum on a scale of 0-100. If a stock falls below 30, it is considered oversold.

As of afternoon trading, shares of Ultimate Software Group Inc. (NASDAQ:$ULTI) entered the oversold territory, seeing an RSI reading of 29.9. The stock changed hands as low as $190.02 per share, and bullish investors are taking it as a sign to begin looking for entry point opportunities on the buy side. As a reference, the current RSI reading of the S&P 500 ETF (NASDAQ:$SPY) is 51.6.

ULTI’s low point in its 52 weeks range is $180.29 per share, with $233.42 as the 52 week high point. Shares of the company proceeds to move on volatility.

Even further, the 3-day RSI stands at 22.4, 7-day sits at 39.33 and 14-day sits at 41.33.

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About the author: Jennifer is a University of Western Ontario graduate with a degree in International Business. She strives to excel as a content creator in the digital sphere, working with clients in the Finance and Tech industry to leverage clickable taglines, images, and articles in driving traffic. When not writing, Jennifer enjoys photography, copywriting, and video production.