As of Oct. 31, 2024, two stocks in the real estate 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.

SL Green Realty Corp (NYSE:SLG)

• On Oct. 16, SL Green Realty reported a quarterly loss of 21 cents per share, which beat the analyst consensus estimate of 50 cents per share. The company reported quarterly sales of $229.691 million which beat the analyst consensus estimate of $142.537 million. The company's stock gained around 12% over the past month and has a 52-week high of $79.92.
• RSI Value: 70.97
• SLG Price Action: Shares of SL Green Realty gained 0.3% to close at $77.83 on Wednesday.

Digital Realty Trust Inc (NYSE:DLR)

• On Oct. 24, Digital Realty Trust reported better-than-expected third-quarter FFO results and raised its FY24 FFO guidance. "In the third quarter, Digital Realty posted over $520 million of new leasing, more than double the record set in the first quarter. Record leasing across both the greater-than-a-megawatt and 0-1 MW plus interconnection segments drove the backlog up nearly 60% above our prior record," said Digital Realty President & Chief Executive Officer Andy Power. The company's stock gained around 13% over the past month and has a 52-week high of $193.88.
• RSI Value: 76.86
• DLR Price Action: Shares of Digital Realty Trust closed at $182.17 on Wednesday.

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