Top 3 Industrials Stocks That May Crash This Month
Portfolio Pulse from Avi Kapoor
Three industrial stocks, RTX Corp (NYSE:RTX), Automatic Data Processing Inc (NASDAQ:ADP), and Lockheed Martin Corp (NYSE:LMT), are showing overbought signals with high RSI values, indicating potential short-term price declines. Despite recent strong earnings and stock gains, investors should be cautious.
July 31, 2024 | 12:28 pm
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NEGATIVE IMPACT
Automatic Data Processing posted better-than-expected quarterly earnings, with a 9% stock gain over the past month. However, with an RSI of 74.71, ADP is considered overbought and may face short-term price declines.
ADP's strong earnings are overshadowed by its high RSI value of 74.71, indicating that the stock is overbought. This suggests a potential short-term price decline as the stock may be due for a correction.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Lockheed Martin reported strong Q2 results and has a robust demand for its defense technology solutions. However, with an RSI of 90.98 and a 15% stock gain over the past month, LMT is considered overbought and may face short-term price declines.
Despite strong earnings and robust demand, the high RSI value of 90.98 indicates that LMT is overbought. This suggests a potential short-term price decline as the stock may be due for a correction.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
RTX Corp reported strong Q2 results and raised its 2024 outlook, with adjusted net sales and EPS beating consensus. However, with an RSI of 83.10 and a 17% stock gain over the past month, RTX is considered overbought and may face short-term price declines.
Despite strong earnings and raised outlook, the high RSI value of 83.10 indicates that RTX is overbought. This suggests a potential short-term price decline as the stock may be due for a correction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100