As of February 26, 2024, three stocks in the consumer staples sector could issue a real warning to investors who consider momentum a key criterion in their trading decisions.
The RSI is a momentum indicator, comparing a stock’s strength on days when prices rise to its strength on days when prices fall. Compared to a stock’s price action, it can give traders a better idea of how a stock might perform in the short term. According to Benzinga Pro, an asset is generally considered overbought when the RSI is above 70.
Here is the latest list of major overbought players in this sector.
Freshpet, Inc. FRPT
- On February 26, Freshpet posted upbeat quarterly earnings. The company’s shares have gained about 3% over the past five days and have a The 52-week high of $93.12 .
- RSI value: 71.14
- FRPT Price Action: Freshpet shares gained 1.9% to close at $92.01 on Friday.
Walmart Inc. WMT
- On Feb. 20, Walmart reported Q4 FY24 net sales growth of 5.7% year-over-year to $173.39 billion, beating consensus of $170.71 billion. Adjusted EPS was $1.80, beating the consensus of $1.65. The stock price rose after the results. The company’s shares have gained about 34% over the past month has a maximum of 52 weeks of $177.65.
- RSI value: 73.11
- WMT Price Action: Walmart shares rose 0.1% to close at $175.56 on Friday.
Costco Wholesale Company COST
- On Feb. 7, Costco reported January net sales of $22.08 billion, up 4.5% year over year. The company’s shares have gained about 7% over the past month and have a maximum of 52 weeks of $742.51.
- RSI value: 74.13
- COST Price action: Costco shares gained 0.5% to close at $737.93 on Friday.
To know more: Workday, Dominoes and 3 stocks to watch ahead of Monday
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.