Top 4 Tech Stocks That May Crash This Month
Portfolio Pulse from Avi Kapoor
Four tech stocks, SoundHound AI, Inc. (SOUN), AppLovin Corporation (APP), Applied Materials, Inc. (AMAT), and Pixelworks, Inc. (PXLW), are considered overbought as of Feb. 20, 2024, based on their RSI values. These stocks have shown significant price gains in the short term, with SOUN, APP, and AMAT reporting positive developments, while PXLW reported a wider-than-expected loss.
February 20, 2024 | 1:14 pm
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NEGATIVE IMPACT
Applied Materials is overbought with an RSI of 76.00 after a 19% gain, buoyed by strong Q1 financial results.
The overbought condition and recent price surge due to favorable earnings suggest a potential short-term downside.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
AppLovin's stock is overbought with an RSI of 77.91 following a 28% gain after reporting better-than-expected Q4 results.
The stock's overbought status and recent sharp increase due to positive earnings could lead to a short-term price correction.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Pixelworks' stock is overbought with an RSI of 78.54 despite a wider-than-expected Q4 loss, with a 98% gain over the past month.
Despite the negative earnings report, the stock's significant gain and high RSI suggest a high risk of short-term correction.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
SoundHound AI's stock is considered overbought with an RSI of 83.13 after a 68% gain, partly due to Nvidia's stake report.
The significant price gain and high RSI indicate potential short-term downside risk, especially given the recent momentum driven by Nvidia's stake report.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90