As of March 15, 2024, five stocks in the industrials 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.
Grindrod Shipping Holdings Ltd. (NASDAQ:GRIN)
- On Feb. 28, Grindrod Shipping posted a narrower-than-expected quarterly loss. The company’s stock gained around 11% over the past five days and has a 52-week high of $14.90 .
- RSI Value: 72.96
- GRIN Price Action: Shares of Grindrod Shipping gained 6.7% to close at $9.73 on Thursday.
NuScale Power Corporation (NYSE:SMR)
- On March 14, NuScale Power posted downbeat quarterly sales. “Over the course of 2023, we made significant progress towards commercializing our SMR technology, including continued activities to ensure readiness for manufacturing of our first NuScale Power Modules, building traction amongst data centers and further developing industrial applications for SMRs, such as process heat, hydrogen, and ammonia production,” said John Hopkins, President and Chief Executive Officer of NuScale Power. The company’s stock gained around 55% over the past five days and has a 52-week high of $9.27.
- RSI Value: 84.89
- SMR Price Action: Shares of NuScale Power gained 2.3% to close at $7.24 on Thursday.
Copart, Inc. (NASDAQ:CPRT)
- On March 11, Copart named Jeff Liaw as CEO and Director, and Jay Adair as Executive Chairman. The company’s stock gained around 13% over the past month has a 52-week high of $56.96.
- RSI Value: 75.07
- CPRT Price Action: Shares of Copart gained 0.3% to close at $56.42 on Thursday.
General Electric Company (NYSE:GE)
- On March 7, General Electric said that GE Aerospace reaffirmed its guidance, presenting a longer-term financial outlook, including achieving operating profit worth $10 billion in 2028. The company’s stock jumped around 12% over the past month and has a 52-week high is $175.81.
- RSI Value: 72.30
- GE Price Action: Shares of General Electric fell 2% to close at $166.75 on Wednesday.
Tennant Company (NYSE:TNC)
- On March 1, Tennant announced that it has acquired M&F Management and Financing, the parent company of TCS EMEA, as Tennant seeks to accelerate growth in the EMEA region. The company’s stock jumped around 10% over the past month and has a 52-week high of $117.00.
- RSI Value: 70.55
- TNC Price Action: Shares of Tennant fell 0.6% to close at $112.07 on Thursday.
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