3 Oversold Stocks with Big RSI Rebound Potential

Group 1: Market Overview - The S&P 500 index is near all-time highs following the Federal Reserve's rate cuts, indicating bullish investor sentiment [3] - Stocks with extreme RSI readings may present buying opportunities, particularly those that are oversold [3] Group 2: Humana Inc. Analysis - Humana Inc. has experienced a significant sell-off, with shares down over 50% in the past two years, trading at levels last seen in 2017 [4] - Despite beating analyst expectations in Q2 earnings, Humana faced a negative update on membership numbers, contributing to its decline [4] - The stock's RSI reading dropped to 15, the lowest in 16 years, suggesting a potential for a bounce back [5] Group 3: Elevance Health Analysis - Elevance Health's RSI reading of 26 indicates it is also extremely oversold, although not as severely as Humana [7] - The company was trading at all-time highs as recently as July, suggesting a more favorable long-term outlook compared to Humana [7] - Elevance shares have shown signs of recovery, gaining into the close and trading up in pre-market sessions, indicating potential for further upside [8] Group 4: BioMarin Pharmaceutical Analysis - BioMarin Pharmaceutical has been range-bound since 2016, with shares currently at $69.66, down 0.63% [10] - The company faced a significant drop of over 20% due to competitive trial results but has since consolidated, indicating a potential comeback [12] - BioMarin's RSI is at 26, and with a bullish MACD crossover approaching, there are signs of a possible rally [12]