Benzinga - The most overbought stocks in the communication services 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.
Cinemark Holdings, Inc. (NYSE: CNK)
- Morgan Stanley recently maintained Cinemark Hldgs with an Overweight and raised the price target from $16 to $21. The company’s stock has a 52-week high of $19.76 .
- RSI Value: 72.18
- CNK Price Action: Shares of Cinemark Holdings fell 0.3% to close at $16.52 on Thursday.
- Anheuser-Busch InBev SA has recently chosen Orange division, Orange Business, to deliver connectivity and voice services. The company’s stock has a 52-week high of $12.71.
- RSI Value: 72.80
- ORAN Price Action: Shares of Orange gained 0.2% to close at $12.63 on Thursday.
- WWE and Fanatics reported an expansion of their existing comprehensive, long-term sports and entertainment partnership. "Fanatics has been an amazing partner and will immediately bolster WWE's event retail business," said Alex Varga, WWE Senior Vice President, Head of Corporate Development. The company has a 52-week high of $107.10.
- RSI Value: 82.11
- WWE Price Action: Shares of World Wrestling Entertainment rose 0.3% to close at $106.20 on Thursday.
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Electronic Arts Inc. - Barclays recently maintained Electronic Arts with an Equal-Weight and raised the price target from $118 to $124. The company’s 52-week high is $142.79.
- RSI Value: 70.50
- EA Price Action: Shares of Electronic Arts rose 0.5% to close at $128.80 on Thursday.
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