Benzinga - by Lisa Levin, Benzinga Editor.
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.
Oriental Culture Holding LTD (NASDAQ: OCG)
- The company’s stock jumped 25% over the past month. The company’s stock has a 52-week high of $1.6290. .
- RSI Value: 72.93
- OCG Price Action: Shares of Oriental Culture fell 1.8% to close at $0.7260 on Wednesday.
- FingerMotion posted a narrower loss for the first quarter. "The Chinese "lockdowns" are over now, but during the quarter they still had an impact on the Company's revenue mix," said Martin Shen, CEO of FingerMotion. "The Company managed the quarter by focusing available resources to the top-up business." The company’s stock has a 52-week high of $9.80.
- RSI Value: 77.78
- FNGR Price Action: Shares of FingerMotion fell 1.2% to close at $7.74 on Wednesday.
- Vodafone and Project Kuiper announced a plan to extend connectivity in Africa and Europe. The company has a 52-week high of $12.66.
- RSI Value: 70.96
- VOD Price Action: Shares of Vodafone Group gained 1.1% to close at $9.86 on Wednesday.
- Cardlytics posted a narrower-than-expected second-quarter loss. "Our results this quarter are a great sign that our strategy and priorities are moving the company towards achieving consistent growth and profitability." said Karim Temsamani, Chief Executive Officer. The company’s 52-week high is $18.98.
- RSI Value: 71.02
- CDLX Price Action: Shares of Cardlytics fell 0.6% to close at $17.87 on Wednesday
- SciPlay reported better-than-expected second-quarter financial results. Josh Wilson, Chief Executive Officer of SciPlay, commented, "SciPlay has consistently grown our business and led the social casino market in performance over the past six consecutive quarters. Our strong and consistent growth reflects the delivery of great gaming and entertainment experiences to our players, and the unrivaled execution of our team." The company has a 52-week high of $22.87.
- RSI Value: 79.83
- SCPL Price Action: Shares of SciPlay fell 0.2% to settle at $22.74 on Wednesday.
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