As of July 3, 2024, three stocks in the health care 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.
Harrow Inc (NASDAQ:HROW)
- On June 21, Craig-Hallum analyst Chase Knickerbocker maintained Harrow with a Buy and raised the price target from $26 to $30. The company's stock gained around 22% over the past month and has a 52-week high of $22.63.
- RSI Value: 75.75
- HROW Price Action: Shares of Harrow fell 1% to close at $20.85 on Tuesday.
Longboard Pharmaceuticals Inc (NASDAQ:LBPH)
- On July 1, Longboard Pharmaceuticals said the FDA granted breakthrough therapy designation for bexicaserin. The company's stock gained around 47% over the past five days and has a 52-week high of $33.74.
- RSI Value: 84.20
- LBPH Price Action: Shares of Longboard Pharmaceuticals closed at $30.74 on Tuesday.
Eli Lilly And Co (NYSE:LLY)
- On July 2, the U.S. Food and Drug Administration (FDA) has approved Eli Lilly and Company's Alzheimer's treatment, "Kisunla." The company's stock gained around 10% over the past month and has a 52-week high of $916.83.
- RSI Value: 74.03
- LLY Price Action: Shares of Eli Lilly closed at $906.71 on Tuesday.
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