As of Sept. 5, 2024, two stocks in the energy 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.
YPF SA (NYSE:YPF)
- On Aug. 30, YPF Sociedad Anonima announced cash tender offers for securities up to $500 million. YPF launched a cash tender offer to buy up to $500 million in aggregate principal amount of its 8.500% Class XXXIX notes due July 28, 2025, with an outstanding principal of $1.131 billion, and its 6.950% Class LIII notes due July 21, 2027, which have an outstanding principal of $809.303 million, per a filing.. The company's stock gained around 33% over the past month and has a 52-week high of $24.76.
- RSI Value: 71.34
- YPF Price Action: Shares of YPF gained 3.4% to close at $24.04 on Wednesday.
Comstock Inc (NYSE:LODE)
- On Aug. 8, Comstock reported quarterly losses of 6 cents per share which missed the analyst consensus estimate of a loss of 4 cents per share. The company reported quarterly sales of $434.82 thousand which missed the analyst consensus estimate of $570.00 thousand. “While I have personally dedicated the substantial majority of my capacity over the past several months on successfully advancing strategic transactions, our equally dedicated teams have been executing on their respective business plans without interruption,” stated Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer. The company's stock gained around 133% over the past month and has a 52-week high of $0.63.
- RSI Value: 81.24
- LODE Price Action: Shares of Comstock surged 18.7% to close at $0.33 on Wednesday.
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