The most overbought stocks in the industrials 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.
Steelcase Inc. (NYSE:SCS)
- Steelcase reported better-than-expected second-quarter financial results and issued third-quarter and full-year 2024 earnings per share guidance above estimates. Steelcase also issued third-quarter earnings per share guidance in a range between 23 cents and 27 cents, versus the estimate of 19 cents. Full-year 2024 earnings per share is expected to be between 80 cents and 90 cents, versus the estimate of 67 cents. The company’s stock has a 52-week high of $11.38. .
- RSI Value: 83.15
- SCS Price Action: Shares of Steelcase rose 2.3% to close at $10.75 on Thursday.
Lichen China Limited (NASDAQ:LICN)
- The company’s stock gained more than 90% over the past month. The company’s stock has a 52-week high of $5.82.
- RSI Value: 84.79
- LICN Price Action: Shares of Lichen China jumped 16.7% to close at $1.47 on Thursday.
Safe & Green Holdings Corp. (NASDAQ:SGBX)
- Safe & Green Holdings announced distribution date of Sept. 27, 2023, for planned spinoff of SG DevCo to Nasdaq. The company has a 52-week high of $2.18.
- RSI Value: 71.76
- SGBX Price Action: Shares of Safe & Green jumped 14.6% to close at $1.81 on Thursday.
Veritiv Corporation (NYSE:VRTV)
- Veritiv posted better-than-expected earnings for its second quarter. The company’s 52-week high is $169.85.
- RSI Value: 72.53
- VRTV Price Action: Shares of Veritiv closed at $168.79 on Thursday.
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