The analysis focused on a statistical study known to many trading professionals as a Bollinger Band. It's a measure that looks at an asset's average price movement, and then scans for when the price goes significantly above or below that average price. In this case, the Kensho analysis used a stock's average price over 50 days, and then looked for instances where the price had gone up or down to a level that only happens a small percentage of the time, as measured by something called standard deviations.
Simply put, a stock is often characterized as oversold or overbought when it moves to these extreme levels. That indicates that it may be due for at least a short-term change in direction. The population of Russell 1000 stocks was screened for these types of significant price moves and then sorted by how often they've reversed course during historical moves of a similar nature. Only stocks with at least 10 of these types of extreme price moves were considered. As of June 11, there were just a handful of stocks that met those particular criteria.
Among stocks that have fallen by relatively extreme levels that may be due for at least a shorter-term bounce are ones like online deals and coupon site Groupon. The stock has been on a steady slide for the better part of 2015, but shares have managed to find shorter-term opportunities for a bounce. According to Kensho, Groupon has managed to move higher in nine of the last 10 times it has fallen to these statistical levels.
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Semiconductor company Micron Technology has also seen its stock progress lower since hitting a recent high at the beginning of December 2014. However, in 37 of the last 39 times it has fallen to these types of levels, it has managed to produce at least a short-term bounce.
On the flip side, a number of stocks have seen powerful shorter-term rallies that have pushed them to the same type of statistical levels, indicating they could be due for a possible breather.
Animal sciences and health company Zoetis, which was spun off from pharmaceutical giant Pfizer in 2013, falls into that category. Shares have rallied by 54 percent over the past 12 months, and are up by 15 percent year-to-date. However, even rallies can have pullbacks. According to Kensho, in 10 of the last 11 times shares have rallied to these statistical levels, shares have had a shorter-term pullback.
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Shares of New York Community Bancorp have also been in rally mode, but in each of the last 11 times the stock has reached these types of levels, shares have stalled.
The full list of stocks is below. The caveat is that data is as of the close on June 10 and may have changed since then.
Still, some traders are using these types of analyses to identify shorter-term trading opportunities. As usual, past performance is no guarantee of future performance.