Top 5 Risk Off Stocks That May Crash This Month
Portfolio Pulse from Lisa Levin
The article lists five overbought stocks in the consumer staples sector that may crash this month. These include Calavo Growers, Inc. (CVGW), Oil-Dri Corporation of America (ODC), Grocery Outlet Holding Corp. (GO), WD-40 Company (WDFC), and Costco Wholesale Corporation (COST). The companies are considered overbought as their Relative Strength Index (RSI) values are above 70.
July 19, 2023 | 12:56 pm
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NEGATIVE IMPACT
Costco reported a better-than-expected June comp of (1.4%). Its RSI value is 70.58, indicating it's overbought.
Despite the company's better-than-expected June comp, its high RSI value suggests a potential short-term price drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Calavo Growers reported worse-than-expected Q2 results. Its RSI value is 71.81, indicating it's overbought.
The company's worse-than-expected Q2 results and high RSI value suggest a potential short-term price drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Grocery Outlet posted better-than-expected quarterly results. Its RSI value is 72.92, indicating it's overbought.
Despite the company's better-than-expected results, its high RSI value suggests a potential short-term price drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Oil-Dri announced price increases on its products. Its RSI value is 71.31, indicating it's overbought.
The company's price increase announcement and high RSI value suggest a potential short-term price drop.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
WD-40 Co reported a Q3 FY23 revenue increase of 15% Y/Y. Its RSI value is 71.74, indicating it's overbought.
Despite the company's revenue increase, its high RSI value suggests a potential short-term price drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100