Top 4 Industrials Stocks That May Implode In September
Portfolio Pulse from Lisa Levin
The article lists four industrial stocks that are considered overbought and may decline in September. These include Steelcase Inc. (SCS), Lichen China Limited (LICN), Safe & Green Holdings Corp. (SGBX), and Veritiv Corporation (VRTV). All four companies have a Relative Strength Index (RSI) above 70, indicating they are overbought.
September 22, 2023 | 11:28 am
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NEGATIVE IMPACT
Lichen China Limited's stock has gained over 90% in the past month, but its RSI of 84.79 suggests it is overbought.
The stock's significant gain is a positive sign, but the high RSI suggests it may be overvalued and could face a price correction.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Steelcase Inc. reported better-than-expected Q2 results and issued above-estimate guidance for Q3 and full-year 2024. However, its RSI of 83.15 indicates it is overbought.
The company's strong financial performance is positive, but the high RSI indicates that the stock may be overvalued and could face a price correction.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Safe & Green Holdings Corp. announced a distribution date for a planned spinoff, but its RSI of 71.76 indicates it is overbought.
The planned spinoff is a positive development, but the high RSI suggests the stock may be overvalued and could face a price correction.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Veritiv Corporation posted better-than-expected Q2 earnings, but its RSI of 72.53 suggests it is overbought.
The company's strong Q2 earnings are positive, but the high RSI indicates that the stock may be overvalued and could face a price correction.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100