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The most overbought stocks in the financial sector presents an opportunity to go short on these overvalued companies.
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.
Here’s the latest list of major overbought players in this sector.
Mitsubishi UFJ Financial Group, Inc. MUFG
- Mitsubishi UFJ Financial’s shares gained more than 15% over the past month. The company’s stock has a 52-week high of $6.78 .
- RSI Value: 74.40
- MUFG Price Action: Shares of Mitsubishi UFJ Financial gained 3.3% to settle at $6.49 on Wednesday and gained 1.7% in today’s pre-market trading session.
Sumitomo Mitsui Financial Group, Inc. SMFG
- Sumitomo Mitsui Financial’s stock has jumped 30% since the start of the year. The company’s stock has a 52-week high of $7.91.
- RSI Value: 73.27
- SMFG Price Action: Shares of Sumitomo Mitsui Financial gained 3.3% to close at $7.84 on Wednesday, and fell 3.4% in the after-hours trading session.
Mizuho Financial Group, Inc. MFG
- Mizuho Financial, last month, reported a decline in H1 earnings. The company has a 52-week high of $2.94.
- RSI Value: 71.64
- MFG Price Action: Shares of Mizuho Financial gained 1.9% to close at $2.74 on Wednesday and dropped 1.1% in after-hours trading.
Read more: CarMax, Micron And 3 Stocks To Watch Heading Into Thursday
Gores Holdings VIII, Inc. GIIX
- Footprint and Gores Holdings VIII, mutually agreed to terminate business combination due to unfavorable market conditions.The company’s 52-week high is $10.40.
- RSI Value: 73.53
- GIIX Price Action: Shares of Gores Holdings VIII fell 0.1% to close at $10.06 on Wednesday.
Fanhua Inc. FANH
- Fanhua recently reported a $20 million share buyback program. The company has a 52-week high of $8.79.
- RSI Value: 71.11
- FANH Price Action: Shares of Fanhua gained 2.4% to settle at $8.20 on Wednesday and added 3.9% in after-hours trading.
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Image and article originally from www.benzinga.com. Read the original article here.