After selling off more than 9% this week, shares of defense contractor RTX look poised for a bounce back, according to one technical indicator. The S & P 500 gained this week after the Federal Reserve instituted a 25 basis point hike , bringing interest rates to their highest level since 2001. A busy week of earnings also pressed on with strong results that lifted technology giants Alphabet and Meta Platforms .
Shares have fallen 12% this month. Potato products manufacturer Lamb Weston also made the oversold list. It's the second most oversold stock in the S & P 500 with a 14-day RSI of 19.6. More than 44% of analysts rate the stock a buy, with the average price target suggesting a 20% rally in store for shares. The food processor sold off about 9% this week after reporting fiscal fourth quarter earnings.
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