As of Sept. 12, 2024, two stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
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 overbought when the RSI is above 70, according to Benzinga Pro.
Here’s the latest list of major overbought players in this sector.
US Goldmining Inc USGO
- On Sept. 5, HC Wainwright & Co. analyst Heiko Ihle reiterated US Goldmining with a Buy and maintained a $23.5 price target. The company’s stock gained around 6% over the past month and has a 52-week high of $9.25.
- RSI Value: 74.11
- USGO Price Action: Shares of US Goldmining gained 3.8% to close at $5.45 on Wednesday.
IT Tech Packaging Inc ITP
- On Aug. 12, IT Tech Packaging reported a quarterly loss of 1 cent per share. The company’s stock gained around 14% over the past five days and has a 52-week high of $0.44.
- RSI Value: 74.08
- ITP Price Action: Shares of IT Tech Packaging gained 5.8% to close at $0.25 on Wednesday.
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