Top 2 Materials Stocks You May Want To Dump This Quarter
Portfolio Pulse from Avi Kapoor
Two materials sector stocks, US Goldmining Inc (USGO) and IT Tech Packaging Inc (ITP), are currently overbought with RSI values above 70, indicating potential short-term price corrections. Investors may want to reconsider holding these stocks this quarter.
September 12, 2024 | 12:21 pm
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NEGATIVE IMPACT
IT Tech Packaging Inc (ITP) is overbought with an RSI of 74.08, indicating a potential short-term price correction. The stock has gained 14% recently, but caution is advised.
ITP's RSI of 74.08 suggests it is overbought, which could lead to a price correction. Despite recent gains, the stock may face downward pressure.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
US Goldmining Inc (USGO) is overbought with an RSI of 74.11, suggesting a potential short-term price correction. Despite a recent analyst reiteration of a Buy rating, investors should be cautious.
USGO's RSI of 74.11 indicates it is overbought, which often precedes a price correction. The recent Buy rating and price target may not prevent a short-term decline.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90