Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of April 1, 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.
Nikola Corporation (NASDAQ: NKLA)
- On March 27, Nikola said that a unit of the company collaborated with players, including trucker rest stop Blackjacks Roadhouse, to unveil the first commercial hydrogen fueling station in Alberta, Canada. The company’s stock gained around 58% over the past five days and has a 52-week high of $3.71 .
- RSI Value: 77.54
- NKLA Price Action: Shares of Nikola gained 14.4% to close at $1.04 on Thursday.
- On Feb. 5, Graham posted better-than-expected quarterly results. The company’s stock gained around 15% over the past month and has a 52-week high of $27.60.
- RSI Value: 78.52
- GHM Price Action: Shares of Graham gained 1.3% to close at $27.28 on Thursday.
- On Jan. 31, BrightView posted downbeat quarterly results. The company’s stock gained around 37% over the past month and has a 52-week high of $11.92.
- RSI Value: 83.40
- BV Price Action: Shares of BrightView Holdings gained 4.4% to close at $11.90 on Thursday.
- On March 15, Thermon Group authorized repurchase of up to $50 million of company's outstanding shares of common stock through March 15, 2027. The company’s stock jumped around 20% over the past month and has a 52-week high is $34.07.
- RSI Value: 70.57
- THR Price Action: Shares of Thermon Group gained 2.7% to close at $32.72 on Thursday.
- On March 28, Air Lease announced the closing of offering of €600 million of senior unsecured medium-term notes. The company’s stock jumped around 28% over the past month and has a 52-week high of $51.77.
- RSI Value: 84.53
- AL Price Action: Shares of Air Lease climbed 1.3% to close at $51.44 on Thursday.
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