As of April 23, 2024, two stocks in the consumer staples 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.
Moolec Science SA (NASDAQ:MLEC)
- On April 22, Moolec Science said it received approval for its plant-grown animal proteins. The Animal and Plant Health Inspection Service (APHIS) of the U.S. Department of Agriculture (USDA) has concluded its Regulatory Status Review (RSR) for Moolec's genetically engineered (GE) soybean Piggy Sooy. "We achieved an unprecedented milestone in biotechnology with the first-ever USDA-APHIS approval of this kind," stated CEO and Co-Founder Gastón Paladini. The company's stock gained around 106% over the past five days and has a 52-week high of $4.40.
- RSI Value: 71.26
- MLEC Price Action: Shares of Moolec Science jumped 79% to close at $2.47 on Monday.
Yatsen Holding Limited (NYSE:YSG)
- On April 11, Yatsen regained compliance with NYSE minimum price continued listing criterion. The company's stock gained around 83% over the past month and has a 52-week high of $6.65.
- RSI Value: 79.76
- YSG Price Action: Shares of Yatsen Holding gained 1.3% to close at $3.80 on Monday.
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