As of Dec. 3, 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.
VivoPower International PLC (NASDAQ:VVPR)
- On Oct. 3, VivoPower's Tembo announced a definitive agreement with pre-eminent jeepney group, Sarao Motors, in the Philippines' estimated US$10 billion jeepney market. Executive Chairman and CEO of VivoPower, Kevin Chin, said, "We are absolutely honoured that Tembo is partnering with Sarao Motors, a household name in the Philippines that is well recognised and highly respected by the Philippines government and the Filipino people alike. For Sarao to have selected Tembo as its exclusive e-jeepney kits and solutions provider, it is a testament to the considered, careful, and comprehensive approach to the engineering quality and safety that underpins our culture and modus operandi." The company's stock gained around 45% over the past five days and has a 52-week high of $9.90.
- RSI Value: 70.00
- VVPR Price Action: Shares of VivoPower jumped 11% to close at $1.31 on Monday.
Pampa Energia S.A. (NYSE:PAM)
- On Nov. 6, Pampa Energia reported quarterly earnings of $2.70 per share which beat the analyst consensus estimate of $1.90 per share. The company's stock gained around 32% over the past month and has a 52-week high of $89.69.
- RSI Value: 83.39
- PAM Price Action: Shares of Pampa Energia gained 1.6% to close at $86.93 on Monday.
Empresa Distribuidora y Cmrz Nrt SA (NYSE:EDN)
- On Aug. 6, Edenor named Daniel Marx as Chairman and CEO. The company's stock gained around 29% over the past month and has a 52-week high of $41.49.
- RSI Value: 81.44
- EDN Price Action: Shares of EDN gained 1.4% to close at $40.52 on Monday.
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