Top 2 Materials Stocks That May Crash In Q2
Portfolio Pulse from Avi Kapoor
Two materials sector stocks, Southern Copper Corporation (NYSE:SCCO) and Northern Technologies International Corporation (NASDAQ:NTIC), are considered overbought based on their RSI values, indicating potential short-term performance issues. SCCO was upgraded by Jefferies with a price target increase, while NTIC reported strong Q2 results, driving their stocks up recently.
April 17, 2024 | 11:52 am
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NEGATIVE IMPACT
Northern Technologies International's strong Q2 results and recent stock gains are overshadowed by its overbought RSI value, hinting at possible short-term downside.
NTIC's positive earnings report and significant stock price increase contribute to its overbought status (RSI of 70.85), which could lead to a short-term price decline as the market adjusts.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Southern Copper's recent upgrade by Jefferies and its 11% stock gain last month may face short-term pressure due to its overbought RSI status.
The upgrade and price target increase for SCCO reflect positive analyst sentiment, but the overbought RSI status (70.11) suggests the stock may have risen too quickly, potentially leading to a short-term price correction.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90