Top 3 Materials Stocks You May Want To Dump This Month
Portfolio Pulse from Lisa Levin
The article identifies three overbought stocks in the materials sector: Ramaco Resources, Inc. (NASDAQ:METC), Gold Fields Limited (NYSE:GFI), and Golden Minerals Company (NYSE:AUMN). Overbought stocks are typically considered for short selling due to their overvalued status. The RSI values for these stocks are above 70, indicating they are overbought.
October 19, 2023 | 12:21 pm
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NEGATIVE IMPACT
Golden Minerals Company is overbought with an RSI value of 83.38. The stock has jumped around 100% over the past month.
The stock's significant price increase and high RSI value suggest it is overbought and may be due for a price correction.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Gold Fields Limited is overbought with an RSI value of 72.24. JP Morgan recently upgraded the stock from Underweight to Neutral.
The overbought status and high RSI value suggest potential for a price correction. The recent upgrade by JP Morgan may have contributed to the stock's overbought status.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Ramaco Resources is overbought with an RSI value of 76.01. The company recently updated its Q3 guidance, expecting a potential increase of 160% in earnings.
The company's overbought status and high RSI value indicate potential for a price correction. The updated Q3 guidance may have already been priced into the stock, contributing to its overbought status.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100