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Do you like to search for stocks that could be oversold? If so, here are some ideas on how to start your search.

We began by screening for technically oversold stocks, with RSI(14) below 40. We then screened for those that also appear undervalued relative to their Graham Numbers, a measure of maximum fair value created by the "godfather of value investing," Benjamin Graham.

The number is based off of a stock's EPS and book value per share (BVPS).

Graham Number = SQRT(22.5 x TTM EPS x MRQ BVPS)

The equation assumes that P/E should not be higher than 15 and P/BV should not be higher than 1.5. Stocks trading well below their Graham Number may be undervalued.

Interactive Chart: Press Play to compare changes in market cap over the last two years for the stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

1. Greenbrier Companies (GBX): Engages in the design, manufacture, and marketing of railroad freight car equipment in North America and Europe. RSI(14) at 36.2. Market cap at $492.86M, most recent closing price at $18.16.

Diluted TTM earnings per share at 1.91, and a MRQ book value per share value at 15.91, implies a Graham Number fair value = sqrt(22.5*1.91*15.91) = $26.15. Based on the stock's price at $18.87, this implies a potential upside of 38.57% from current levels.

2. Noranda Aluminum Holding Corp. (NOR): Engages in the production and sale of primary aluminum products and rolled aluminum coils in the United States. RSI(14) at 39.61.Market cap at $418.45M, most recent closing price at $6.18.

Diluted TTM earnings per share at 1.01, and a MRQ book value per share value at 2.35, implies a Graham Number fair value = sqrt(22.5*1.01*2.35) = $7.31. Based on the stock's price at $6.23, this implies a potential upside of 17.3% from current levels.

3. Shoe Carnival Inc. (SCVL): Operates as a family footwear retailer. RSI(14) at 39. Market cap at $407.17M, most recent closing price at $19.93.

Diluted TTM earnings per share at 1.45, and a MRQ book value per share value at 15.3, implies a Graham Number fair value = sqrt(22.5*1.45*15.3) = $22.34. Based on the stock's price at $19.4, this implies a potential upside of 15.16% from current levels.

Source: 3 Oversold Stocks Undervalued By The Graham Number