As of Aug 21, 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.
Sunnova Energy International Inc (NYSE: NOVA)
- On Aug. 21, Morgan Stanley analyst Andrew Percoco maintained Sunnova Energy Intl with an Equal-Weight and raised the price target from $11 to $13. The company's stock gained around 21% over the past five days and has a 52-week high of $16.36.
- RSI Value: 70.07
- NOVA Price Action: Shares of Sunnova Energy gained 0.4% to close at $9.67 on Tuesday.
FirstEnergy Corp (NYSE:FE)
- On Aug. 20, Scotiabank analyst Andrew Weisel maintained FirstEnergy with a Sector Perform and raised the price target from $40 to $45. The company's stock gained around 9% over the past month and has a 52-week high of $43.65.
- RSI Value: 74.15
- FE Price Action: Shares of FirstEnergy gained 0.8% to close at $43.19 on Tuesday.
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