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.
Pintec Technology Holdings Limited PT
- PINTEC announced a $4 million private placement of Class A ordinary shares. The company’s stock has a 52-week high of $3.70 .
- RSI Value: 88.19
- PT Price Action: Shares of Pintec Technology fell 1.1% to close at $1.1528 on Wednesday.
Citizens, Inc. CIA
- Citizens posted Q4 earnings of $0.07 per share. “Overall, I am pleased with the Company’s execution toward its long-term strategic goals,” said Company Vice Chairman and CEO, Gerald W. Shields. “Although we witnessed some of the industrywide impacts of inflation and volatile equity markets, the fundamental and controllable elements of our business continue to strengthen and improve.” The company’s stock has a 52-week high of $4.52.
- RSI Value: 75.66
- CIA Price Action: Shares of Citizens gained 0.3% to close at $3.56 on Wednesday.
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Image and article originally from www.benzinga.com. Read the original article here.