Top 3 Tech Stocks That May Fall Off A Cliff This Month
Portfolio Pulse from Avi Kapoor
Three tech stocks, Argo Blockchain plc (ARBK), NextNav Inc. (NN), and Alteryx, Inc. (AYX), are showing signs of being overbought according to their Relative Strength Index (RSI) values. ARBK recently raised $9.9 million and its stock surged 58% over the past month, with an RSI of 70.53. NN appointed a new CEO and saw a 14% stock increase over five days, with an RSI of 71.11. AYX, set to be acquired by private equity firms, rose 6% over the past month, with an RSI of 73.58.
January 10, 2024 | 12:54 pm
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NEGATIVE IMPACT
Argo Blockchain's recent capital raise and 58% stock surge have pushed its RSI to 70.53, indicating an overbought condition that could lead to a price correction.
The RSI indicator suggests that ARBK is overbought, which often precedes a price decline as traders may consider taking profits, leading to increased selling pressure.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
Alteryx is set to be acquired by private equity, which has led to a 6% stock increase over the past month. With an RSI of 73.58, a short-term price dip could occur.
The pending acquisition has likely been priced into AYX's current valuation, and the high RSI indicates that the stock may be due for a short-term retracement.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 85
NEGATIVE IMPACT
NextNav's stock gained 14% over the past five days with the appointment of a new CEO, Mariam Sorond. Its RSI of 71.11 could signal a potential short-term pullback.
The appointment of a new CEO has positively impacted NN's stock price, but the RSI above 70 suggests the stock may be overextended and due for a correction.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80