As of April 11, 2024, three stocks in the financial 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.
ING Groep NV (NYSE:ING)
- On Feb. 1, ING Groep posted an increase in quarterly sales. The company’s stock gained around 12% over the past month and has a 52-week high of $17.18 .
- RSI Value: 77.32
- ING Price Action: Shares of ING Groep fell 1.1% to close at $16.84 on Wednesday.
Root Inc (NASDAQ:ROOT)
- Root, is expected to to host a conference call to discuss financial results for the first quarter on April 30, 2024 at 5:00 p.m. Eastern Time. The company’s stock gained around 80% over the past month and has a 52-week high of $85.99.
- RSI Value: 71.35
- ROOT Price Action: Shares of Root fell 4.2% to close at $76.87 on Wednesday.
Main Street Capital Corp (NYSE:MAIN)
- On Feb. 22, Main Street Capital posted upbeat quarterly earnings. The company’s stock gained around 1% over the past month and has a 52-week high of $47.82.
- RSI Value: 71.58
- MAIN Price Action: Shares of Main Street Capital fell 0.2% to close at $47.58 on Wednesday.
Read More: Jim Cramer Says WESCO International Is A Buy, Recommends Buying This Stock Under $20
