If you have an extra grand sitting around, you may want to consider investing in some of the top, most oversold stocks on the market. Three of the hottest stocks to consider include:
Albemarle (ALB)
The lithium bull market is far from over.
Countries around the world are pushing for millions of electric vehicles to hit the roads.
However, for that to happen, we must have far more lithium supply.
Even the International Energy Agency warned, “The supply of critical minerals crucial for technologies such as wind turbines and electric vehicles will have to be ramped up over the next decades if the planet’s climate targets are to be met.”
ALB is also technically oversold. After dropping from $290, the stock just found support at $222.89. RSI, MACD, and Williams’ %R are also over-extended. Near-term, as markets regain momentum, we’d like to see the ALB stock race back to $290 a share.
Advanced Micro Devices (AMD)
After dropping from $165 to $142.66, AMD is holding strong support, and is already starting to pivot higher. From its current price, we’d like to see AMD challenge $165 again soon.
Helping, analysts at Rosenblatt seem to like the stock, noting, “AMD will be boosted by its pending acquisition of San Jose-based Xilinx Inc., which he says should ‘add to the sustainability and diversification prospects for the company,’” as noted by the Silicon Valley Business Journal.
Other analysts are just as bullish. Wells Fargo recently raised its price target on AMD to $180 from $145. Wedbush raised its price from $140 to $165. Susquehanna raised its target from $145 to $175.
Microsoft (MSFT)
MSFT had an explosive year.
After opening at $220.68 in January 2021, the stock raced to a high of $349.67.
Nowadays, after pulling back with other major tech stocks, MSFT is sitting at double bottom support around $326.17, with RSI, MACD, and Williams’ %R pivoting higher. From current prices, we’d like to see MSFT run back to $349.67, and potentially test $400 in the new year.
Better, earnings continue to impress. In its most recent quarter, Apple reported revenue of $45.3 billion, up 22% year over year. That was also above expectations for $44 billion. Non-GAAP profits came in at $2.27, which was about 20 cents higher than estimates.
