As of July 8, 2024, five stocks in the information technology 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.

Fair Isaac Corp (NYSE:FICO)

• On July 1, FICO named Nikhil Behl as executive vice president for software. "I've known and worked with Nikhil for many years, and during his 10 years at FICO we've experienced significant strengthening of our brand value, reputation with customers and regulators, strategic competitive positioning for FICO Scores and FICO Platform, and market-leading business growth," said Will Lansing, FICO CEO. The company's stock gained around 18% over the past month and has a 52-week high of $1,555.06.
• RSI Value: 79.67
• FICO Price Action: Shares of Fair Isaac gained 1.4% to close at $1,551.55 on Friday.

Adobe Inc (NASDAQ:ADBE)

• On July 1, DA Davidson analyst Gil Luria maintained Adobe with a Buy rating and increased the price target from $640 to $685. The company's stock gained around 26% over the past month and has a 52-week high of $638.25.
• RSI Value: 78.76
• ADBE Price Action: Shares of Adobe climbed 1.4% to close at $578.34 on Friday.

Arista Networks Inc (NYSE:ANET)

• Arista Networks, said it will release its financial results for the quarter ended June 30, 2024 after the closing bell on Tuesday, July 30, 2024. The company's stock gained around 23% over the past month and has a 52-week high of $367.25.
• RSI Value: 78.41
• ANET Price Action: Shares of Arista Networks gained 0.2% to close at $366.14 on Friday.

Perficient, Inc. (NASDAQ:PRFT)

• On May 5, Perficient announced it will be acquired by an affiliate of BPEA Private Equity Fund VIII. The company's stock jumped around 17% over the past six months and has a 52-week high of $96.93.
• RSI Value: 78.38
• PRFT Price Action: Shares of Perficient fell 0.1% to close at $74.85 on Friday.

Wipro Ltd (NYSE:WIT)

• On June 13, Wipro disclosed a strategic collaboration with Hewlett Packard Enterprise to launch a GenAI solution within the new Customer Experience Center (CEC) at the Wipro Cloud Studio's Kodathi office. The company's stock jumped around 15% over the past month and has a 52-week high of $6.45.
• RSI Value: 77.68
• WIT Price Action: Shares of Wipro closed at $6.38 on Friday.

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