This 2 October feature lists 14 stocks that broke below the Bollinger Band −3σ and have P/B ratios below the market average, as potential rebound plays following the Nikkei average's sharp decline.
In the Tokyo market, the Nikkei average fell for the first time in 3 sessions as concerns over rising oil prices and interest rates persisted. A feature focused on stocks that broke below the −3σ level, a Bollinger Band indicator used as a guide to whether prices are "overbought" or "oversold," was published.
The feature ranks 14 stocks by ascending P/B ratio whose closing prices on 2 October fell below the Prime Market average P/B ratio of 1.77x, and provides the stock names and individual indicators.
The stocks on the list are considered more likely to attract short-covering and buying aimed at a rebound after breaking below the −3σ level, and are presented as potential short-term purchases.