As of Aug 23, 2024, two stocks in the consumer staples 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.

Philip Morris International Inc. (NYSE:PM)

• On July 23, Philip Morris International reported better-than-expected second-quarter FY24 earnings and raised the adjusted EPS outlook. The company reported second-quarter growth of 5.6% year-on-year to $9.468 billion, beating the analyst consensus estimate of $9.183 billion. Jacek Olczak, Chief Executive Officer, said, "The excellent momentum of our smoke-free business continued with an outstanding second-quarter and first-half performance." The company's stock gained around 10% over the past month and has a 52-week high of $120.21.
• RSI Value: 76.14
• PM Price Action: Shares of Philip Morris International gained 0.1% to close at $120.10 on Thursday.

Walmart Inc (NYSE:WMT)

• On Aug. 22, Evercore ISI Group analyst Greg Melich maintained Walmart with an Outperform and raised the price target from $78 to $80.. The company's stock gained around 7% over the past month and has a 52-week high of $76.22.
• RSI Value: 75.34
• WMT Price Action: Shares of Walmart gained 0.5% to close at $75.58 on Thursday.

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