It may be time to buy shares of Tesla as a popular metric on Wall Street indicates shares could be ripe for a rebound. The broader market has struggled this week thanks to broad declines in tech-related names, including Tesla. Week to date, the S & P 500 is 0.2% lower, while the Dow Jones Industrial Average has lost 0.1%. The tech-heavy Nasdaq Composite has pulled back by 0.8%. That said, the sell-off in some individual names may have gone too far.
also found some stocks that could soon experience a pullback. Here are the S & P 500's most overbought stocks: Dupont De Nemours was among the most overbought names, with its stock recording a 14-day RSI reading of 78. Analysts, who generally have a hold rating on the name, predict the stock could edge 1% higher. Dupont De Nemours has slipped 4% this year but are up 3% this week.