Top 5 Tech Stocks That May Fall Off A Cliff
Portfolio Pulse from Lisa Levin
The article lists five tech stocks that are considered overbought and may experience a fall in the short term. These include Cipher Mining Inc. (CIFR), Bitdeer Technologies Group (BTDR), Applied Optoelectronics, Inc. (AAOI), Riot Platforms, Inc. (RIOT), and Super Micro Computer, Inc. (SMCI). The Relative Strength Index (RSI) of these stocks is above 70, indicating they are overbought.
July 12, 2023 | 12:48 pm
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NEGATIVE IMPACT
Applied Optoelectronics, Inc. is considered overbought with an RSI of 85.88. The stock jumped 16.9% to close at $9.75 on Tuesday.
The RSI of AAOI is above 70, which is typically considered overbought. This, combined with a recent increase in price, suggests a potential decrease in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Bitdeer Technologies Group is considered overbought with an RSI of 72.97. The stock fell 4.5% to close at $12.61 on Tuesday.
The RSI of BTDR is above 70, which is typically considered overbought. This, combined with a recent drop in price, suggests a potential further decrease in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Cipher Mining Inc. is considered overbought with an RSI of 74.83. The stock fell 6.5% to close at $4.04 on Tuesday.
The RSI of CIFR is above 70, which is typically considered overbought. This, combined with a recent drop in price, suggests a potential further decrease in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Riot Platforms, Inc. is considered overbought with an RSI of 81.34. The stock gained 3.9% to close at $17.51 on Tuesday.
The RSI of RIOT is above 70, which is typically considered overbought. This, combined with a recent increase in price, suggests a potential decrease in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Super Micro Computer, Inc. is considered overbought with an RSI of 73.04. The stock rose 0.4% to settle at $270.95 on Tuesday.
The RSI of SMCI is above 70, which is typically considered overbought. This, combined with a recent increase in price, suggests a potential decrease in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100