Top 3 Tech Stocks That May Rocket Higher This Quarter

The most oversold stocks in the information technology sector presents an opportunity to buy into undervalued companies.

The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.

Here's the latest list of major oversold players in this sector, having an RSI near or below 30.

Monday.Com Ltd (NASDAQ:MNDY)

• On Jan. 6, Piper Sandler analyst Brent Bracelin maintained Monday.Com with an Overweight and lowered the price target from $350 to $345. The company' stock fell around 22% over the past month and has a 52-week low of $174.75.
• RSI Value: 27.1                          
• MNDY Price Action: Shares of Monday.Com fell 4.9% to close at $225.36 on Tuesday.
• Benzinga Pro's real-time newsfeed alerted to latest MNDY news.

Microchip Technology Inc (NASDAQ:MCHP)   

• On Dec. 16, B of A Securities downgraded the stock from Neutral to Underperform and lowered its price target from $80 to $65. The company's stock fell around 7% over the past month and has a 52-week low of $55.29.
• RSI Value: 28.4
• MCHP Price Action: Shares of Microchip Technology fell 1.4% to close at $57.47 on Tuesday.
• Benzinga Pro’s charting tool helped identify the trend in MCHP stock.

Western Digital Corp (NASDAQ:WDC)

• On Jan. 3, Mizuho analyst Vijay Rakesh maintained Western Digital with an Outperform and lowered the price target from $90 to $82.. The company's stock fell around 8% over the past month and has a 52-week low of $48.96.
• RSI Value: 29.6
• WDC Price Action: Shares of Western Digital fell 1.2% to close at $64.87 on Tuesday.
• Benzinga Pro’s signals feature notified of a potential breakout in WDC shares.

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