Top 2 Materials Stocks That May Collapse This Quarter
Portfolio Pulse from Avi Kapoor
Two materials sector stocks, Element Solutions Inc (NYSE:ESI) and Air Products and Chemicals Inc (NYSE:APD), are currently overbought according to their RSI values. ESI has increased its guidance for Q2 and FY24, while APD has signed a significant green hydrogen supply agreement with TotalEnergies SE (NYSE:TTE). Both stocks have seen significant recent gains.
June 14, 2024 | 11:31 am
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NEGATIVE IMPACT
Air Products and Chemicals Inc (NYSE:APD) signed a 15-year agreement with TotalEnergies SE to supply green hydrogen. The stock has gained 15% over the past month and has an RSI value of 79.70, indicating it is overbought.
The green hydrogen deal is a long-term positive, but the high RSI value suggests the stock is overbought and may face a short-term price correction.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
Element Solutions Inc (NYSE:ESI) has increased its Q2 and FY24 guidance due to strength in its electronics business. The stock has gained 14% over the past five days and has an RSI value of 72.19, indicating it is overbought.
The increase in guidance is a positive sign, but the high RSI value suggests the stock is overbought and may face a short-term price correction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100