As of Aug 30, 2024, three 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.
Eco Wave Power Global AB (NASDAQ:WAVE)
- On Aug. 8, Eco Wave Power received green light for the repurchase of 10% of its American Depositary Shares. The company's stock gained around 40% over the past month and has a 52-week high of $4.94.
- RSI Value: 70.67
- WAVE Price Action: Shares of Eco Wave Power Global gained 1.5% to close at $4.16 on Thursday.
WEC Energy Group Inc (NYSE:WEC)
- On July 31, WEC Energy posted better-than-expected quarterly earnings. "Despite the warmest winter on record, we're delivering solid results, and we're firmly on track for a strong 2024," said Scott Lauber, president and CEO. "We're focused on the fundamentals of our business — financial discipline, customer satisfaction and operating efficiency." The company's stock gained around 8% over the past month and has a 52-week high of $93.78.
- RSI Value: 75.32
- WEC Price Action: Shares of WEC Energy fell 0.02% to close at $92.77 on Thursday.
PG&E Corp (NYSE:PCG)
- On July 25, PG&E posted better-than-expected quarterly earnings. "We're delivering for our customers and hometowns today through a foundation of safe operations, wildfire risk reduction and solid financial progress. We also see a bright future where we lower average household energy costs, including from transportation, and further cut carbon emissions," said PG&E Corporation CEO Patti Poppe. The company's stock gained around 7% over the past month and has a 52-week high of $19.84.
- RSI Value: 75.64
- PCG Price Action: Shares of PG&E gained 3.7% to close at $19.60 on Thursday.
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