Top 4 Materials Stocks You May Want To Dump This Quarter
Portfolio Pulse from Avi Kapoor
As of March 19, 2024, four materials sector stocks are considered overbought based on their RSI values, suggesting potential short-term performance concerns. United States Lime & Minerals, Inc. (USLM), Arq, Inc. (ARQ), Freeport-McMoRan Inc. (FCX), and Southern Copper Corporation (SCCO) have shown significant price movements and are highlighted for their momentum, which may indicate a need for caution among momentum investors.
March 19, 2024 | 12:28 pm
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NEGATIVE IMPACT
ARQ's RSI of 81.34 signals extreme overbought conditions after a 56% gain over five days, following strong Q4 results.
The extremely high RSI and rapid price increase suggest a potential pullback, despite the positive financial performance.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 95
NEGATIVE IMPACT
FCX's RSI of 70.47 points to overbought territory after a 9% gain over five days, with a new CEO appointment on the horizon.
The overbought status and minor price decline indicate potential short-term risk, despite leadership changes and recent gains.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
SCCO's RSI of 75.93 indicates overbought conditions after an 18% gain over five days, with a high 52-week price point.
The significant price increase and overbought RSI level suggest a potential short-term correction, despite the stock's strong performance.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
USLM's RSI of 70.69 indicates it's overbought after a 16% gain over the past month, despite mixed demand in Q4 2023.
The overbought status and recent price decline suggest potential short-term downside, despite positive EPS growth and mixed demand signals.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90