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.
O-I Glass, Inc. (NYSE: OI)
- O-I Glass posted better-than-expected Q4 results. The company’s stock has a 52-week high of $19.92 .
- RSI Value: 75.71
- OI Price Action: Shares of O-I Glass gained 2.6% to settle at $19.25 on Tuesday and added 10.4% in after-hours trading.
- International Paper reported better-than-expected Q4 adjusted EPS results. The company’s stock has a 52-week high of $50.23.
- RSI Value: 80.77
- IP Price Action: Shares of International Paper jumped 10.7% to close at $41.82 on Tuesday and lost 0.3% in after-hours trading.
- Barclays maintained an Overweight rating on the stock and raised its price target from $75 to $90. The company has a 52-week high of $147.37.
- RSI Value: 77.51
- SMG Price Action: Shares of Scotts Miracle-Gro rose 9.4% to close at $72.19 on Tuesday and added 1.1% in after-hours trading.
- Century Aluminum, during November, posted a narrower-than-expected Q3 loss. The company’s 52-week high is $30.36.
- RSI Value: 70.97
- CENX Price Action: Shares of Century Aluminum gained 7.3% to close at $11.24 on Tuesday and added 1% in after-hours trading.
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Koppers Holdings Inc. - Koppers Hldgs, during November, posted better-than-expected Q3 earnings. The company has a 52-week high of $34.61.
- RSI Value: 81.20
- KOP Price Action: Shares of Koppers Holdings rose 6.1% to settle at $34.61 on Tuesday.
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