It may be time to buy Tesla stock as a popular metric on Wall Street indicates the stock could be ripe for a rebound. The broader market has struggled this week amid large declines in tech-related names, including Tesla. Since the beginning of the week, the S&P 500 index has fallen 0.2%, while the Dow Jones Industrial Average has lost 0.1%. The tech-heavy Nasdaq Composite fell 0.8%. That said, the sell-off of some individual names may have gone too far. Using the CNBC Pro Stock Screener tool, we searched for the most overbought and oversold names in the S&P 500 based on their 14-day relative strength index, otherwise known as the RSI. Stocks that have a 14-day RSI above 70 fall into the overbought camp, meaning they could be at risk of a pullback as a high RSI typically indicates that investors are overly optimistic about a stock in a short time frame. time. On the other hand, stocks with a value below 30 are considered oversold and may be ripe for a rally. Here’s a look at the most oversold names: Tesla shares have more than doubled in 2023 due to strong revenue and delivery numbers, but the electric vehicle maker has struggled to maintain its position this year. Reduced sales in the Chinese market and weak AI history have contributed to Tesla’s 35% decline in 2024. The stock is down 7% in the past week alone. Analysts have a consensus hold rating on Tesla, which has a 14-day RSI of 29.4. But they see upside potential of about 23% for the company, which could help it recoup some of its losses this year. Tesla shares fell 7% this week after Wells Fargo was downgraded to underweight relative to equal weight. Boeing is also on the list of the most oversold names on Wall Street. Plagued by concerns over beer quality control, Boeing shares have fallen 8% this week and 30% this year. The stock has a 14-day RSI of 27. However, sentiment on the stock remains positive, with analysts’ average price target implying an upside of 40%, according to data from LSEG. BA YTD mountain BA YTD chart Boeing’s problems have led to broader ramifications in the airline industry, including for Southwest Airlines, which flies exclusively Boeing 737s. The stock fell 18% this week, after Southwest said it was rethinking its its financial guidance for 2024, citing delivery delays from Boeing. Shares are now down 3% for the year, but analysts predict the company could rise more than 11% going forward. Other oversold names on the list include Amgen and Globe Life. CNBC also identified some stocks that could soon see a pullback. Here are the most overbought stocks in the S&P 500 Index: Dupont De Nemours was among the most overbought names, with its stock posting a 14-day RSI of 78. Analysts, who generally have a hold rating on the name, they predict the stock could rise 1%. Dupont De Nemours has slipped 4% this year but is up 3% this week. Similarly, Targa Resources found itself on the list of most overbought names in the S&P 500, with a 14-day RSI of 77.4. The stock is up 2% this week and is up a tantalizing 22% in 2024. Analysts on average have a Buy rating on Targa shares, with their consensus price target suggesting the stock could rise 2% 3% from here. TRGP YTD mountain TRGP YTD Chart Investors may also be too bullish on Garmin. The technology company, which has a 14-day RSI just below 80, gained 4% last week and 14% this year. However, analysts estimate the shares could fall about 13%. Other overbought stocks include Waste Management and Devon Energy. DISCLOSURE: THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY. THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO PURCHASE SECURITIES OR OTHER FINANCIAL ASSETS. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT THE UNIQUE PERSONAL CIRCUMSTANCES OF ANY INDIVIDUAL. THE ABOVE CONTENT MAY NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISION, YOU SHOULD CONSIDER SEEKING ADVICE FROM YOUR FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.