Apple, Nvidia Are The Most Overbought Stocks On Wall Street Amid AI Frenzy: Here Are Other Stocks With Potential For Pullback
Portfolio Pulse from Rounak Jain
Apple Inc. (AAPL) and Nvidia Corp. (NVDA) are identified as the most overbought stocks on Wall Street amid a surge driven by AI advancements. Apple’s stock increased by almost 8% this week, reaching record highs after announcing new AI features at its annual WWDC. Other overbought stocks include Hewlett Packard Enterprise Co. (HPE), The TJX Companies Inc. (TJX), and Broadcom Inc. (AVGO). Analysts suggest a potential pullback for these stocks due to high RSI levels.
June 15, 2024 | 10:00 am
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NEGATIVE IMPACT
Apple's stock surged by almost 8% this week, driven by new AI features announced at its annual WWDC. The stock is now considered overbought with an RSI of almost 83, indicating a potential slide of over 3%.
Apple's significant stock increase driven by AI announcements has led to an overbought status, suggesting a potential short-term pullback.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Broadcom Inc. has experienced a significant increase and is now considered overbought, indicating a potential pullback.
Broadcom's stock surge has led to an overbought status, indicating a potential short-term pullback.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
NEGATIVE IMPACT
Hewlett Packard Enterprise is considered overbought this week, driven by the tech industry's strength in AI.
HPE's stock is overbought due to the tech industry's AI-driven surge, indicating a potential short-term pullback.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
Nvidia is identified as one of the most overbought stocks on Wall Street amid the AI surge. The stock's high RSI suggests a potential pullback.
Nvidia's stock has surged due to AI advancements, leading to an overbought status and potential short-term pullback.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80
NEGATIVE IMPACT
The TJX Companies Inc. is identified as overbought this week, suggesting a potential pullback.
TJX's stock is overbought, suggesting a potential short-term pullback.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50