Top 4 Tech Stocks You May Want To Dump In April
Portfolio Pulse from Avi Kapoor
As of April 16, 2024, Red Cat Holdings, Inc. (RCAT), Edgio, Inc. (EGIO), Vislink Technologies, Inc. (VISL), and Cheetah Mobile Inc. (CMCM) are identified as overbought tech stocks based on their RSI values, indicating potential short-term performance concerns. RCAT, EGIO, and VISL have shown significant gains following positive financial updates, while CMCM experienced a jump despite a decline in FY sales.
April 16, 2024 | 12:35 pm
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NEGATIVE IMPACT
Cheetah Mobile shows an extremely overbought RSI of 86.54 despite a decline in FY sales, with a 95% gain over the past month.
CMCM's high RSI of 86.54, especially in the context of declining FY sales, suggests the stock's recent price increase is not supported by fundamentals, likely leading to a correction.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Edgio, Inc. is significantly overbought with an RSI of 83.30 following preliminary Q4 2023 results, driving a 192% gain over the past month.
An extremely high RSI of 83.30 for EGIO indicates a very strong possibility of overvaluation, making it likely for the stock to experience a pullback as traders might take profits.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Red Cat Holdings' stock is overbought with an RSI of 73.37 after posting better-than-expected Q3 sales, leading to a 22% gain over the past month.
The overbought status indicated by an RSI of 73.37 suggests that RCAT's recent price surge may not be sustainable in the short term, potentially leading to a price correction.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Vislink Technologies' RSI of 71.48 reflects overbought status after a narrower quarterly loss, with a 29% gain over five days.
VISL's overbought condition, indicated by an RSI of 71.48, suggests the stock's recent rapid gain might be overextended, hinting at a possible short-term reversal.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 85