Down -17.8% in 4 Weeks, Here's Why Magnachip (MX) Looks Ripe for a Turnaround

Group 1 - Magnachip (MX) has experienced a significant decline of 17.8% over the past four weeks, but it is now in oversold territory, indicating a potential trend reversal [1] - The Relative Strength Index (RSI) for MX is currently at 27.93, suggesting that the heavy selling pressure may be exhausting, which could lead to a price bounce [5] - There is strong consensus among Wall Street analysts that MX will report better earnings than previously predicted, with a 38.5% increase in the consensus EPS estimate over the last 30 days [7] Group 2 - MX holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a turnaround [8]