Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of April 5, 2024, three stocks in the utilities 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.
The AES Corporation (NYSE: AES)
- The AES said it will host a conference call on May 3, 2024 to review its first quarter 2024 financial results. The company’s stock gained around 12% over the past month and has a 52-week high of $25.74 .
- RSI Value: 70.38
- AES Price Action: Shares of AES gained 1.3% to close at $18.14 on Thursday.
- On April 3, NRG Energy announced it will repurchase roughly $251 million of existing 2.75% convertible senior notes due 2048 from certain holders. The company’s stock gained around 18% over the past month and has a 52-week high of $73.13.
- RSI Value: 70.45
- NRG Price Action: Shares of NRG Energy fell 1.8% to close at $70.70 on Thursday.
- On April 3, VivoPower declared a capital management strategy including a stock buyback program of up to $5 million. The company’s stock gained around 351% over the past five days and has a 52-week high of $9.90.
- RSI Value: 86.31
- VVPR Price Action: Shares of VivoPower International fell 0.2% to close at $6.40 on Thursday.
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