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.
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