Top 2 Tech And Telecom Stocks You May Want To Dump In May
Portfolio Pulse from Avi Kapoor
As of May 2, 2024, Snap Inc. (SNAP) and Pinterest, Inc. (PINS) in the communication services sector are considered overbought with RSI values of 79.09 and 76.62, respectively. SNAP reported Q1 earnings beating estimates with a significant user increase, while PINS reported a 23% revenue growth and surpassed half a billion monthly active users. Both stocks have seen substantial gains over the past five days.
May 02, 2024 | 11:47 am
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NEGATIVE IMPACT
Pinterest, Inc. reported a 23% revenue growth and surpassed half a billion monthly active users, with its stock gaining 31% over five days. Its RSI value of 76.62 indicates an overbought condition.
Given PINS's overbought status reflected by its RSI, there's a risk of a short-term price correction. The recent rapid stock gain might lead to profit-taking, potentially lowering the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Snap Inc. reported Q1 earnings above estimates with a significant user base increase, leading to a 49% stock gain over five days. Its RSI value of 79.09 indicates an overbought condition.
The overbought condition indicated by the RSI value suggests that SNAP's stock might face a short-term pullback as traders might consider taking profits, leading to a potential decrease in stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100