Top 2 Tech Stocks That May Fall Off A Cliff In August
Portfolio Pulse from Avi Kapoor
Ambarella Inc and Box Inc are identified as overbought tech stocks with high RSI values, indicating potential short-term price declines. Despite recent positive earnings reports, their momentum may be unsustainable.
August 28, 2024 | 12:29 pm
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NEGATIVE IMPACT
Ambarella Inc reported strong Q2 earnings and anticipates further revenue growth. However, with an RSI of 72.06, the stock is considered overbought, suggesting a potential short-term price decline.
Ambarella's strong earnings report and positive revenue outlook have driven its stock price up. However, the RSI indicates it is overbought, which often precedes a price correction.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Box Inc reported better-than-expected Q2 results and issued strong FY25 guidance. Despite this, an RSI of 75.29 suggests the stock is overbought, indicating a potential short-term price decline.
Box's positive financial results have increased its stock price, but the high RSI value suggests it is overbought, which could lead to a price drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90