Bloomberg News

E-Star Alternativ Snaps Six-Day Losing Streak on Oversold Signal

April 03, 2012

E-Star Alternativ Nyrt. (ESTAR), a Hungarian energy company, gained for the first time in seven days on signs the stock may be oversold.

The shares rose 1.1 percent to 2,850 forint by 10:18 a.m. in Budapest.

The shares fell to the lowest since July 2009 last week after the company reported a net loss for 2011. The stock’s 16 percent plunge in the six days through yesterday pushed its 14- day relative strength index to 30. A reading of 30 or below indicates to some technical analysts that a security is oversold. The RSI last traded at 31.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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