As of July 5, 2024, three 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.
American Superconductor Corporation (NASDAQ:AMSC)
- On June 13, Roth MKM maintained a Buy rating and raised its price target from $20 to $27. The company's stock gained around 11% over the past five days and has a 52-week high of $27.38.
- RSI Value: 72.11
- AMSC Price Action: Shares of American Superconductor gained 7.7% to close at $25.95 on Wednesday.
Wheels Up Experience Inc (NYSE:UP)
- On May 9, Wheels Up Experience posted a first-quarter GAAP loss of 14 cents per share. "Wheels Up has made great strides to improve our operations and consistently deliver exceptional service and an experience worth repeating for our customers," said George Mattson, Chief Executive Officer. "Our strong operational performance provides the foundation for driving to profitable growth." The company's stock gained around 78% over the past five days and has a 52-week high of $6.08.
- RSI Value: 73.46
- UP Price Action: Shares of Wheels Up Experience climbed 7.3% to close at $3.24 on Wednesday.
Ads-Tec Energy PLC (NASDAQ:ADSE)
- On June 20, ADS-TEC Energy and Caverion announced plans to extend partnership to Denmark and Sweden. The company's stock gained around 10% over the past five days and has a 52-week high of $13.50.
- RSI Value: 72.09
- ADSE Price Action: Shares of Ads-Tec Energy fell 2.8% to close at $12.43 on Wednesday.