Benzinga - by Avi Kapoor, Benzinga Staff Writer.
As of Feb. 8, 2024, four 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.
Korea Electric Power Corporation (NYSE: KEP)
- The company’s stock gained around 7% over the past month and has a 52-week high of $8.10 .
- RSI Value: 73.44
- KEP Price Action: Shares of Korea Electric Power gained 1.7% to close at $7.92 on Wednesday.
- On Dec. 12, Vistra priced upsized private offerings of $400 million 6.950% senior secured notes due 2033 and $350 million 7.750% senior unsecured notes due 2031. The company’s stock gained around 12% over the past month and has a 52-week high of $44.96.
- RSI Value: 72.90
- VST Price Action: Shares of Vistra gained 1.2% to close at $43.76 on Wednesday.
- On Dec. 14, Constellation Energy announced the board approved a $1 billion increase to the company's previously announced $1 billion repurchase program. The company’s stock gained around 9% over the past five days and has a 52-week high of $133.80.
- RSI Value: 73.77
- CEG Price Action: Shares of Constellation Energy gained 1.1% to close at $132.50 on Wednesday.
- On Feb. 5, Otter Tail raised its quarterly common stock dividend from 43.75 cents to 46.75 cents per share. The company’s stock jumped around 10% over the past month and has a 52-week high is $95.99.
- RSI Value: 72.48
- OTTR Price Action: Shares of Otter Tail gained 0.7% to close at $94.81 on Wednesday.
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