As of July 23, 2024, two stocks in the utilities 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.
National Fuel Gas Co. (NYSE:NFG)
- On July 12, Scotiabank analyst Cameron Bean maintained National Fuel Gas with a Sector Outperform rating and raised the price target from $75 to $80. The company's stock gained around 4% over the past month and has a 52-week high of $58.60.
- RSI Value: 70.48
- NFG Price Action: Shares of National Fuel Gas gained 1.4% to close at $58.29 on Monday.
Cadiz Inc (NASDAQ:CDZI)
- On July 18, Cadiz said its operating subsidiary ATEC Water Systems, LLC secured three additional sales contracts for iron and manganese filtration systems totaling an expected $1.5 million in sales revenue. The company's stock gained around 20% over the past month and has a 52-week high of $4.30.
- RSI Value: 71.99
- CDZI Price Action: Shares of Cadiz rose 0.3% to close at $3.68 on Monday.
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