Top 3 Tech Stocks That May Implode In May
Portfolio Pulse from Avi Kapoor
Three tech stocks, Ooma, Analog Devices, and Avnet, are showing signs of being overbought as of May 29, 2024, with RSI values above 70. Despite recent gains, investors should be cautious as these stocks may face short-term price corrections.
May 29, 2024 | 11:44 am
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NEGATIVE IMPACT
Analog Devices posted better-than-expected Q2 results, but its RSI of 70.07 indicates it may be overbought. The stock has gained 14% over the past month.
Analog Devices' strong financial results are overshadowed by its high RSI, suggesting the stock may be overbought and could face a short-term price correction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Avnet missed Q3 earnings and sales estimates, and its RSI of 70.63 suggests it may be overbought. The stock has gained 10% over the past month.
Avnet's missed earnings and sales estimates, combined with a high RSI, indicate the stock may be overbought and could experience a short-term price decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Ooma reported strong Q1 results and issued positive guidance, but its RSI of 70.13 suggests it may be overbought. The stock has gained 10% over the past month.
Despite strong financial performance, the RSI indicates that Ooma's stock may be overbought, suggesting a potential short-term price correction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100