Top 4 Tech Stocks That May Collapse In March
Portfolio Pulse from Avi Kapoor
As of March 18, 2024, four tech stocks: Veritone, Inc. (VERI), SoundHound AI, Inc. (SOUN), MicroStrategy Incorporated (MSTR), and Arlo Technologies, Inc. (ARLO) are considered overbought with RSI values above 70, indicating potential short-term performance concerns. VERI and ARLO reported better-than-expected Q4 results, while SOUN reported weaker results. MSTR announced a convertible senior notes offering.
March 18, 2024 | 12:23 pm
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NEGATIVE IMPACT
SoundHound AI's stock rose 52% in 5 days with an RSI of 76.17 despite weaker Q4 results. Closed at $8.91, up 6.5% on Friday.
The overbought status combined with weaker Q4 results could lead to short-term volatility for SOUN, despite recent gains.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 85
NEUTRAL IMPACT
Arlo Technologies' stock increased 40% in a month with an RSI of 74.44 after reporting strong Q4 results. Closed at $12.26, up 1.3% on Friday.
ARLO's positive Q4 results could maintain its upward trajectory, but the overbought condition may moderate short-term gains.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 85
NEUTRAL IMPACT
MicroStrategy's stock soared 153% in a month with an RSI of 72.76 after announcing a convertible senior notes offering. Closed at $1,782.36, up 6.3% on Friday.
MSTR's significant gain and convertible notes offering might attract investor interest, but the overbought status suggests caution in the short term.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80
NEUTRAL IMPACT
Veritone's stock surged 69% in 5 days with an RSI of 77.40 after reporting strong Q4 revenue and positive 2024 outlook. Closed at $3.88, up 42.1% on Friday.
Despite the overbought status, VERI's strong Q4 performance and optimistic 2024 outlook might sustain investor interest, balancing the short-term impact.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90