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
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 .
- 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 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 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.