Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of Feb. 1, 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.
Nomura Holdings, Inc. (NYSE: NMR)
- On Jan. 31, Nomura Holdings posted a decline in quarterly EPS. The company’s stock jumped around 29% over the past month and has a 52-week high of $5.91 .
- RSI Value: 74.49
- NMR Price Action: Shares of Nomura gained 10.2% to close at $5.74 on Wednesday.
- On Jan. 30, Morgan Stanley analyst Betsy Graseck upgraded Citigroup from Underweight to Overweight and raised the price target from $46 to $65. The company’s stock gained around 5% over the past five days and has a 52-week high of $57.95.
- RSI Value: 70.64
- C Price Action: Shares of Citigroup fell 1.6% to close at $56.17 on Wednesday.
- On Jan. 31, Mastercard said fourth-quarter net revenues stood at $6.55 billion, up 13% Y/Y and 11% Y/Y on a neutral currency basis, beating the consensus of $6.48 billion. “We delivered strong earnings and revenue growth for the full year 2023, driven by healthy consumer spending, cross-border volume growth of 24 percent, and the solid execution of our strategy,” said Michael Miebach, CEO of Mastercard. “In the fourth quarter, we signed the third U.S. regulated bank debit portfolio flip to our network within the last twelve months.” The company’s stock gained around 6% over the past month and has a 52-week high of $462.00.
- RSI Value: 78.22
- MA Price Action: Shares of Mastercard gained 0.9% to close at $ 449.23 on Wednesday.
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