Top 3 Tech Stocks That May Plunge In August
Portfolio Pulse from Avi Kapoor
Three tech stocks, Motorola Solutions Inc (MSI), Fortinet Inc (FTNT), and GoDaddy Inc (GDDY), are considered overbought based on their RSI values, indicating potential short-term price declines. Despite recent strong earnings and stock gains, their high RSI values suggest caution for momentum traders.
August 16, 2024 | 12:43 pm
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NEGATIVE IMPACT
Fortinet Inc (FTNT) has an RSI value of 77.94, indicating it is overbought. Despite strong Q2 financial results and a recent stock gain of 23%, the high RSI suggests a potential short-term price decline.
The RSI value of 77.94 indicates that FTNT is overbought. Despite strong financial results, the high RSI suggests that the stock may experience a short-term price decline as traders may start selling to take profits.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
GoDaddy Inc (GDDY) has an RSI value of 73.50, indicating it is overbought. Despite strong Q2 sales results and a recent stock gain of 10%, the high RSI suggests a potential short-term price decline.
The RSI value of 73.50 indicates that GDDY is overbought. Despite strong sales results, the high RSI suggests that the stock may experience a short-term price decline as traders may start selling to take profits.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Motorola Solutions Inc (MSI) has an RSI value of 71.75, indicating it is overbought. Despite strong Q2 earnings and a recent stock gain of 7%, the high RSI suggests a potential short-term price decline.
The RSI value of 71.75 indicates that MSI is overbought. Despite strong earnings, the high RSI suggests that the stock may experience a short-term price decline as traders may start selling to take profits.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100