Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of Jan. 23, 2024, five 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.
NN, Inc. (NASDAQ: NNBR)
- On Jan. 16, NN said it is targeting 2028 revenue above $650 million. The company’s stock jumped around 44% over the past six months and has a 52-week high of $4.45 .
- RSI Value: 71.14
- NNBR Price Action: Shares of NN gained 4.8% to close at $4.18 on Monday.
- On Nov. 9, 2023, CBAK Energy Tech reported an increase in sales for the third quarter. The company’s stock gained around 2% over the past month and has a 52-week high of $1.45.
- RSI Value: 71.09
- CBAT Price Action: Shares of CBAK Energy Technology gained 2.9% to close at $1.08 on Monday.
- On Jan. 22, Optex Systems announced the acquisition of Speedtracker from RUB Aluminum and has also established a Contract Manufacturing Agreement for the continued production of the Speedtracker Mach 4+ product line. Danny Schoening, CEO, stated "The Speedtracker, a cutting-edge chronograph designed to measure projectile velocity, has emerged as a game-changer for enhancing shooter accuracy. With its radar-based technology and user-friendly application interface, it perfectly aligns with the demands of today's dynamic market. Moreover, our partnership with RUB under the Contract Manufacturing Agreement guarantees a seamless transition for our valued customers and global distributors as we move forward." The company’s stock jumped around 60% over the past six months and has a 52-week high of $6.86.
- RSI Value: 79.41
- OPXS Price Action: Shares of Optex Systems gained 1.5% to close at $5.37 on Monday.
- On Nov. 14, VirTra posted a profit for the third quarter. "Building on our record-breaking first half, we’ve made further strides in improving our operations and sales activity this quarter, resulting in a robust 54% increase in quarterly revenue,” said VirTra CEO John Givens. The company’s stock jumped around 32% over the past month and has a 52-week high is $12.93.
- RSI Value: 78.98
- VTSI Price Action: Shares of VirTra fell 2.6% to close at $12.35 on Monday.
- 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 28% over the past month and has a 52-week high of $25.12.
- RSI Value: 76.62
- ZIM Price Action: Shares of ZIM Integrated Shipping rose 2.1% to close at $13.14 on Monday.
Read More: Verizon, Netflix And 3 Stocks To Watch Heading Into Tuesday
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.