Top 5 Tech Stocks You May Want To Dump In December
Portfolio Pulse from Avi Kapoor
Five tech stocks with high RSI values, indicating potential overbought conditions, are Porch Group (PRCH), Neonode (NEON), Verint Systems (VRNT), Zoom Video Communications (ZM), and Wipro Limited (WIT). These stocks have seen significant price increases recently, with PRCH and NEON experiencing the highest RSI values of 85.36 and 85.75, respectively. VRNT, ZM, and WIT also have RSI values above 70, suggesting they may be due for a price correction in the short term.
December 07, 2023 | 1:25 pm
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NEGATIVE IMPACT
Neonode's stock has risen 49% over five days, with a 52-week high of $14.75 and an RSI of 85.75, suggesting a possible overbought scenario.
The rapid increase in stock price and a very high RSI value indicate that NEON may be overextended and could experience a pullback as the market digests the recent gains.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Porch Group's stock has surged 31% over the past month, reaching a 52-week high of $3.99, with an RSI of 85.36, indicating it may be overbought.
A high RSI value typically indicates that a stock may be overbought and could face a short-term price correction as traders may consider taking profits.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Verint Systems reported strong Q3 results, but with an RSI of 72.19 and a recent drop in share price, it may face further short-term declines.
Verint's RSI is above the overbought threshold, and the recent price drop suggests that the market is already reacting to the overbought condition, which may continue in the short term.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Wipro's stock has climbed 9% over the past month, with an RSI of 74.46, hinting at overbought conditions that may lead to a near-term price correction.
Wipro's RSI indicates it may be overbought, and the stock could see a price correction as investors reassess the recent price increase in the context of its earnings miss.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Zoom's stock has increased 13% over the past month with a high RSI of 71.45, indicating potential overbought conditions that could lead to a pullback.
Zoom's recent gains and RSI above 70 suggest the stock may be overbought, which could result in a short-term price correction as investors may take profits.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 85