As of Oct. 9, 2024, two stocks in the financials 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.
Morningstar Inc (NASDAQ:MORN)
- On Oct. 8, UBS analyst Alex Kramm initiated coverage on Morningstar with a Buy rating and announced a price target of $390. The company’s stock gained around 10% over the past month and has a 52-week high of $335.67.
- RSI Value: 77.50
- MORN Price Action: Shares of Morningstar gained 7.2% to close at $335.28 on Tuesday.
Msci Inc (NYSE:MSCI)
- On Oct. 2, Evercore ISI Group analyst David Motemeden initiated coverage on MSCI with an Outperform rating and announced a price target of $690. The company’s stock gained around 7% over the past month and has a 52-week high of $617.39.
- RSI Value: 71.97
- MSCI Price Action: Shares of MSCI rose 2.1% to close at $596.83 on Tuesday.
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