The most overbought stocks in the information technology sector presents an opportunity to go short on these overvalued companies.

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.

Here’s the latest list of major overbought players in this sector.

Dynatrace, Inc. (NYSE:DT)

• Dynatrace is expected to report financial results for its fourth quarter and full year fiscal 2023 ended March 31, 2023 on May 17, 2023. The company’s stock has a 52-week high of $48.00 .
• RSI Value: 75.85
• DT Price Action: Shares of Dynatrace rose 1.5% to close at $46.96 on Thursday.

Opera Limited (NASDAQ:OPRA)

• The company reported better-than-expected Q1 financial results, raised its FY23 revenue guidance and issued Q2 revenue guidance above estimates. "The year is off to a strong start. We continue to build upon our successes in both search and advertising with revenue exceeding our guidance. This revenue outperformance coupled with less than anticipated marketing spend led to even greater than expected profitability," said co-CEO Lin Song. The company’s stock has a 52-week high of $13.71.
• RSI Value: 71.97
• OPRA Price Action: Shares of Opera rose 2.6% to close at $13.44 on Thursday.

Weave Communications, Inc. (NYSE:WEAV)

• Weave Communications reported better-than-expected Q1 financial results and issued guidance above estimates. "I am excited to share that we kicked off the year with strong operating results and accelerating revenue growth in Q1. We built our plan for the year to accelerate our path to profitability with the goal of exiting the year with positive free cash flow," said CEO Brett White. The company has a 52-week high of $6.93.
• RSI Value: 74.65
• WEAV Price Action: Shares of Weave Communications gained 1.3% to close at $6.25 on Thursday.

Datadog, Inc. (NASDAQ:DDOG)

• Datadog announced a new integration that monitors OpenAI API usage patterns. The company’s 52-week high is $120.75.
• RSI Value: 71.28
• DDOG Price Action: Shares of Datadog gained 0.8% to close at $86.65 on Thursday.

BILL Holdings, Inc. (NYSE:BILL)

• BILL Holdings reported better-than-expected Q3 results. "We delivered strong third quarter results and profitable growth as we executed on our strategy to be the essential financial operations platform for SMBs," said René Lacerte, BILL CEO and Founder. The company has a 52-week high of $179.85.
• RSI Value: 72.00
• BILL Price Action: Shares of BILL Holdings rose 0.4% to settle at $99.52 on Thursday.

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