Benzinga - by Lisa Levin, Benzinga Editor.
As of Dec. 4, 2023, four 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.
Coinbase Global, Inc. (NASDAQ: COIN)
- On Nov. 29, Mizuho analyst Dan Dolev maintained Coinbase Glb with an Underperform and raised the price target from $31 to $35. The company’s stock jumped around 19% over the past five days and has a 52-week high of $134.33 .
- RSI Value: 87.12
- COIN Price Action: Shares of Coinbase Global jumped 7.3% to close at $133.76 on Friday.
- PJT Partners will replace James River Group Holdings in the S&P SmallCap 600, effective prior to the open of trading on Dec. 18. The company’s stock gained around 9% over the past month and has a 52-week high of $91.17.
- RSI Value: 79.84
- PJT Price Action: Shares of PJT Partners fell 0.1% to close at $89.97 on Friday.
- Houlihan Lokey will replace Topgolf Callaway Brands Corp. in the S&P MidCap 400, effective prior to the open of trading on Dec. 18. Houlihan Lokey, on Oct. 26, posted better-than-expected quarterly results. The company’s stock jumped around 4% over the past five days and has a 52-week high of $110.94.
- RSI Value: 75.74
- HLI Price Action: Shares of Houlihan Lokey gained 2.1% to close at $109.93 on Friday.
- On Nov. 14, Live Oak Bancshares NAMED Walter J. Phifer as CFO. The company’s stock gained more than 10% over the past five days and has a 52-week high is $38.37.
- RSI Value: 72.69
- LOB Price Action: Shares of Live Oak Bancshares rose 6.3% to close at $35.72 on Friday.
Read More: Investor Sentiment Increases As S&P 500 Reaches 2023 Record
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