Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of April 25, 2024, three stocks in the financial 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.
Barclays PLC (NYSE:BCS)
- On April 25, Barclays posted a first-quarter GAAP EPS of 52 cents. The company's stock gained around 4% over the past month and has a 52-week high of $9.98.
- RSI Value: 70.48
- BCS Price Action: Shares of Barclays fell 1% to close at $9.60 on Wednesday.
- On April 24, SLM posted better-than-expected quarterly earnings. The company's stock gained around 6% over the past five days and has a 52-week high of $22.21.
- RSI Value: 71.88
- SLM Price Action: Shares of SLM gained 0.8% to close at $22.10 on Wednesday.
- On April 19, American Express said first-quarter revenue (net of interest expense) grew 11% year-on-year to $15.80 billion, marginally beating the consensus of $15.79 billion. Chair and CEO Stephen J. Squeri said, "Our fee-based products accounted for around 70 percent of the new account acquisitions we saw in the quarter, and we continue to see strong demand from Millennial and Gen Z consumers, who accounted for over 60 percent of new consumer account acquisitions globally. Our credit metrics remain best in class." The company's stock gained around 10% over the past five days and has a 52-week high of $240.55.
- RSI Value: 73.04
- AXP Price Action: Shares of American Express gained 0.1% to close at $239.12 on Wednesday.
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