Benzinga - by Lisa Levin, Benzinga Editor.
As of Nov. 15, 2023, three stocks in the energy 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.
Teekay Tankers Ltd. (NYSE: TNK)
- Teekay Tankers posted upbeat quarterly results. The company’s stock has a 52-week high of $54.11. .
- RSI Value: 70.60
- TNK Price Action: Shares of Teekay Tankers fell 1.3% to close at $52.09 on Tuesday.
- During the third quarter, Hammerhead delivered record production. Scott Sobie, President and CEO of Hammerhead notes, “Hammerhead has achieved record cost outcomes at the same time that new wells (North Karr 10-14) have materially exceeded our type curve assumptions.” The company’s stock has a 52-week high of $39.30.
- RSI Value: 70.08
- HHRS Price Action: Shares of Hammerhead Energy gained 0.9% to close at $14.89 on Tuesday.
- The company’s stock jumped 25% over the past month. The company has a 52-week high of $4.98.
- RSI Value: 71.46
- UGP Price Action: Shares of Ultrapar Participações gained 3.5% to close at $4.97 on Tuesday.
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