As of Aug 27, 2024, two 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.
Tecnoglass Inc (NYSE:TGLS)
- On Aug. 8, Tecnoglass reported better-than-expected second-quarter financial results and raised its FY24 guidance. José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, "Our team demonstrated exceptional performance in the second quarter of 2024, successfully navigating a complex macroeconomic landscape. We maintained strong momentum, capitalizing on the robust demand observed at the end of the first quarter to drive record single-family residential revenues in the second quarter." The company's stock gained around 16% over the past month and has a 52-week high of $63.12.
- RSI Value: 70.47
- TGLS Price Action: Shares of Tecnoglass gained 0.8% to close at $62.14 on Monday.
Lockheed Martin Corp (NYSE:LMT)
- On Aug. 16, Terran Orbital disclosed a deal under which Lockheed Martin Corporation will acquire the company for an enterprise value of around $450 million. The company's stock gained around 6% over the past month and has a 52-week high of $564.22.
- RSI Value: 72.59
- LMT Price Action: Shares of Lockheed Martin gained 0.6% to close at $558.10 on Monday.
- Wall Street's Most Accurate Analysts Spotlight On 3 Industrials Stocks Delivering High-Dividend Yields
