As of Feb. 27, 2024, three stocks in the energy 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.
Smart Sand, Inc. (NASDAQ:SND)
- On Jan. 17, Smart Sand filed for mixed shelf of up to $200 million. The company's stock gained around 6% over the past five days and has a 52-week high of $2.65 .
- RSI Value: 74.49
- SND Price Action: Shares of Smart Sand closed at $2.00 on Monday.
Permian Resources Corporation (NYSE:PR)
- On Jan. 30, Truist Securities analyst Neal Dingmann maintained Permian with a Buy and raised the price target from $22 to $23. The company's stock gained around 12% over the past month and has a 52-week high of $15.49.
- RSI Value: 74.40
- PR Price Action: Shares of Permian Resources rose 1% to close at $15.20 on Monday.
SFL Corporation Ltd. (NYSE:SFL)
- On Feb. 14, SFL posted upbeat results for the latest quarter. The company's stock gained around 10% over the past month and has a 52-week high of $13.41.
- RSI Value: 75.89
- SFL Price Action: Shares of SFL gained 1.6% to close at $13.39 on Monday.
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