Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of Jan. 9, 2024, three stocks in the industrials 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.
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM)
- On Jan. 9, ZIM Integrated Shipping Services reported an agreement with Hoopo Systems Ltd. for the wide-scale deployment of cutting-edge tracking devices in its dry-van container fleet. The company’s stock jumped around 31% over the past five days and has a 52-week high of $25.12 .
- RSI Value: 73.52
- ZIM Price Action: Shares of ZIM Integrated Shipping fell 6.3% to close at $13.67 on Monday.
- On Oct. 30, 2023, Matson posted better-than-expected third-quarter results. "Matson's Ocean Transportation and Logistics business segments continued to perform well despite a challenging business environment and relatively difficult economic conditions impacting the U.S. consumer," said Chairman and Chief Executive Officer Matt Cox. The company’s stock gained around 13% over the past month and has a 52-week high of $117.88.
- RSI Value: 79.77
- MATX Price Action: Shares of Matson fell 1.4% to close at $113.20 on Monday.
- On Jan. 3, TDCX announced it received a preliminary non-binding proposal letter from company founder and CEO Laurent Junique to acquire the company for a proposed purchase price of $6.60 per share or ADS in cash. The company’s stock jumped around 35% over the past five days and has a 52-week high of $14.73.
- RSI Value: 79.37
- TDCX Price Action: Shares of TDCX gained 2.7% to close at $6.50 on Monday.
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