Top 3 Consumer Stocks That May Collapse This Month
Portfolio Pulse from Avi Kapoor
As of March 8, 2024, Carvana Co. (CVNA), Codere Online Luxembourg, S.A. (CDRO), and CarMax, Inc. (KMX) in the consumer discretionary sector are considered overbought based on their RSI values, indicating potential short-term performance issues. CVNA and CDRO have seen significant stock gains over the past month, while KMX also showed growth but to a lesser extent.
March 08, 2024 | 1:54 pm
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NEGATIVE IMPACT
Codere Online Luxembourg reported a 33% growth in net gaming revenue, with a stock gain of 57% over the past month and an RSI of 74.28.
CDRO's rapid stock increase and high RSI value could lead to a short-term correction as the market may adjust for the overbought condition, potentially decreasing its stock price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Carvana Co. has seen a 52% stock increase over the past month, with an RSI of 71.37, indicating it may be overbought.
The significant stock gain and high RSI value suggest that CVNA might face a short-term pullback as investors might consider taking profits, leading to a potential decrease in stock price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
CarMax, Inc. received an underperform rating but had its price target raised, with a 10% stock gain over the past month and an RSI of 70.98.
Despite the analyst's underperform rating, KMX's stock gain and high RSI suggest it might be entering overbought territory, which could lead to a short-term price decline as the market digests the mixed signals.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80