As of June 24, 2024, three stocks in the financial sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.

Here's the latest list of major overbought players in this sector.

Lesaka Technologies Inc (NASDAQ:LSAK)

• On May 8, Lesaka Technologies posted a profit for the third quarter. Lesaka Group Chairman Ali Mazanderani said, “I am pleased to report a continuation of our strong and consistent performance. Adjusted EBITDA for the quarter increased to R183 million, 47% growth year-on-year, and Operating Income improved from a loss of R33 million in Q3 2023 to a profit R15 million this quarter.” The company's stock gained around 7% over the past five days and has a 52-week high of $5.33 .
• RSI Value: 71.75                              
• LSAK Price Action: Shares of Lesaka Technologies rose 4.4% to close at $4.95 on Friday.

Ryan Specialty Holdings Inc (NYSE:RYAN)

• On June 20, its was announced that Ryan Specialty will replace Apartment Income REIT in the S&P MidCap 400 effective prior to the opening of trading on Friday, June 28. The company's stock gained around 13% over the past five days and has a 52-week high of $59.83.
• RSI Value: 72.28
• RYAN Price Action: Shares of Ryan Specialty rose 7.7% to close at $59.60 on Friday.

National Western Life Group Inc (NASDAQ:NWLI)

• On May 9, National Western Life posted an increase in quarterly sales. Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Incnoted, “For the most part, the economic environment coupled with financial market performance was very conducive for us from a financial reporting standpoint. The Company benefited from equity markets gains and rising interest rate levels.” The company's stock gained around 1% over the past month and has a 52-week high of $496.00.
• RSI Value: 70.92
• NWLI Price Action: Shares of National Western Life gained 0.5% to close at $495.14 on Friday.

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