Top 4 Industrials Stocks That May Collapse This Quarter
Portfolio Pulse from Avi Kapoor
Four industrials sector stocks, Danaos Corporation (DAC), Westinghouse Air Brake Technologies Corporation (WAB), JanOne Inc. (JAN), and Tutor Perini Corporation (TPC), are identified as overbought based on their RSI values, indicating potential short-term performance concerns. DAC's recent earnings were disappointing, while WAB, JAN, and TPC reported positive developments. Despite these, their high RSI values suggest they might be at risk of a pullback.
April 29, 2024 | 12:32 pm
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NEGATIVE IMPACT
Danaos Corporation's stock is considered overbought with an RSI of 70.03, following disappointing quarterly results. Despite a recent 3% gain, caution is advised.
DAC's disappointing quarterly results combined with an overbought RSI status suggest potential for a short-term price decline.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
JanOne Inc. saw a 98% stock increase over the past month, with an RSI of 77.93 after regaining Nasdaq compliance. The stock's rapid ascent may face a short-term setback.
JAN's significant stock price rally and high RSI value suggest the stock might be due for a short-term correction, despite regaining Nasdaq compliance.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Tutor Perini Corporation's stock jumped 34% with an RSI of 78.91 after reporting strong Q1 results and FY24 EPS guidance. Its overbought status may lead to a short-term dip.
TPC's positive earnings report and guidance have led to a significant stock price increase, but its overbought RSI suggests a potential short-term price correction.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
WAB's stock surged 14% recently, hitting an RSI of 82.14 after reporting strong Q1 results and raising 2024 guidance. Despite optimism, its overbought status could signal a pullback.
WAB's positive financial performance and raised guidance are encouraging, but the significantly overbought RSI level raises concerns of a near-term correction.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90