Top 2 Materials Stocks That May Crash In Q3
Portfolio Pulse from Avi Kapoor
Two materials sector stocks, Newmont Corporation (NEM) and Universal Stainless & Alloy Products Inc (USAP), are showing overbought signals with RSI values above 70. Despite recent strong quarterly results, their momentum indicators suggest potential short-term price declines.
August 02, 2024 | 11:57 am
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NEGATIVE IMPACT
Newmont Corporation (NEM) posted strong Q2 results with 2.1 million gold equivalent ounces produced and $594 million in free cash flow. However, its RSI value of 70.76 indicates it may be overbought, suggesting a potential short-term price decline.
Despite strong quarterly performance, the RSI value of 70.76 indicates that Newmont's stock may be overbought. This could lead to a short-term price decline as investors may start selling to take profits.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Universal Stainless & Alloy Products Inc (USAP) reported record Q2 sales driven by aerospace and defense markets. However, its RSI value of 79.93 indicates it may be overbought, suggesting a potential short-term price decline.
Despite record sales in Q2, the RSI value of 79.93 indicates that Universal Stainless's stock may be overbought. This could lead to a short-term price decline as investors may start selling to take profits.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100