Benzinga - The most overbought stocks in the consumer staples sector presents an opportunity to go short on these overvalued companies.
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.
Here’s the latest list of major overbought players in this sector.
Bit Brother Limited (NASDAQ: BTB)
- Bit Brother recently announced a 1-for-15 reverse share split.. The company’s stock has a 52-week high of $11.16 .
- RSI Value: 99.42
- BTB Price Action: Shares of Bit Brother gained 4% to settle at $10.83 on Tuesday and gained 5.4% in today’s pre-market trading session.
- MamaMancini's recently reported better-than-expected Q3 EPS and sales results. The company’s stock has a 52-week high of $2.24.
- RSI Value: 70.46
- MMMB Price Action: Shares of MamaMancini's Holdings fell 1% to close at $1.4850 on Tuesday, and gained 3.7% in the after-hours trading session.
- Shineco’s Subsidiary received prior approval supplement from the NMPA Jiangsu Bureau for the marketing approval of "Cardiac 5-minute Test." The company has a 52-week high of $7.10.
- RSI Value: 86.06
- SISI Price Action: Shares of Shineco gained 3.1% to close at $2.98 on Tuesday and dropped 1% in after-hours trading.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.