Benzinga - The most overbought stocks in the materials 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.
PureCycle Technologies, Inc. (NASDAQ: PCT)
- PureCycle Technologies, during November, reported worse-than-expected Q3 EPS results.. The company’s stock has a 52-week high of $10.95 .
- RSI Value: 77.32
- PCT Price Action: Shares of PureCycle Technologies rose 12.7% to settle at $8.64 on Tuesday and lost 0.2% in after-hours trading.
- Ranpak Holdings Director Alicia Tranen recently bought a total of 9,250 shares at an average price of $5.68. The company’s stock has a 52-week high of $29.77.
- RSI Value: 83.71
- PACK Price Action: Shares of Ranpak Holdings gained 7% to close at $7.18 on Tuesday.
- Century Aluminum, during November, posted a narrower-than-expected quarterly loss. The company has a 52-week high of $30.36.
- RSI Value: 72.71
- CENX Price Action: Shares of Century Aluminum jumped 4.7% to close at $10.48 on Tuesday and added 0.7% in after-hours trading.
- Mativ Holdings, during November, reported upbeat Q3 sales results. The company’s 52-week high is $31.63.
- RSI Value: 83.77
- MATV Price Action: Shares of Mativ Holdings gained 4.4% to close at $26.37 on Tuesday and added 1.3% in after-hours trading.
- ScottsMiracle-Gro, during November, nameed Matthew Garth as CFO. The company has a 52-week high of $163.48.
- RSI Value: 76.64
- SMG Price Action: Shares of Scotts Miracle-Gro gained 3.5% to settle at $62.17 on Tuesday and lost 1.3% in after-hours trading.
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