Top 4 Energy Stocks That May Implode This Quarter
Portfolio Pulse from Lisa Levin
Four energy stocks are considered overbought based on their RSI values, which may signal a potential short-term decline. REX American Resources (REX) reported record Q3 results, causing a 33% stock increase. Phillips 66 (PSX) is in talks with Elliot Investment Management, with a 9% stock gain. New Fortress Energy (NFE) reported strong Q3 revenue and reaffirmed guidance, leading to a 26% increase over the past month. Cheniere Energy (LNG) posted better-than-expected sales, with an 8% gain over the past month.
December 01, 2023 | 10:04 am
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NEGATIVE IMPACT
Cheniere Energy's better-than-expected sales led to an 8% monthly gain. With an RSI of 70.95, the stock may be approaching overbought levels.
While the sales figures are positive, the RSI nearing the overbought threshold could lead to a temporary dip as investors may look to take profits.
CONFIDENCE 65
IMPORTANCE 65
RELEVANCE 75
NEGATIVE IMPACT
New Fortress Energy's strong Q3 revenue and guidance affirmation led to a 26% monthly increase, but an RSI of 71.56 points to overbought territory.
The positive earnings report is countered by the overbought RSI, which may result in a short-term price correction as the market adjusts.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Phillips 66 is in discussions with Elliot Investment Management, and the stock has risen 9%. However, an RSI of 75.71 suggests overbought conditions.
The stock's recent gain and high RSI could lead to a short-term pullback as the market digests the news and some investors may sell to realize gains.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
REX American Resources reported record Q3 results, leading to a 33% stock increase, but an RSI of 85.13 suggests it may be overbought.
The high RSI value indicates that REX may be overbought, which often precedes a short-term price decline as traders may take profits.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90