Top 3 Materials Stocks That Could Sink Your Portfolio In January
Author: Avi Kapoor | January 25, 2024 07:28am
As of Jan. 25, 2024, three stocks in the materials 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.
United States Lime & Minerals, Inc. (NASDAQ:USLM)
- On Oct. 31, United States Lime posted an increase in quarterly sales results. “In the third quarter 2023, we continued to see reduced demand from our steel and industrial customers, in addition to reduced demand from our construction customers. Fortunately, we were able to offset some of the reduced demand in those markets with increased demand from our environmental and roofing customers,” said Timothy W. Byrne, President and Chief Executive Officer. The company’s stock jumped around 17% over the past five days and has a 52-week high of $264.99 .
- RSI Value: 74.17
- USLM Price Action: Shares of United States Lime & Minerals gained 12.4% to close at $257.10 on Wednesday.
United States Steel Corporation (NYSE:X)
- On Dec. 18, Nippon Steel announced it will acquire U.S. Steel for $55 per share in an all-cash transaction. The company’s stock gained around 90% over the past six months and has a 52-week high of $50.20.
- RSI Value: 72.32
- X Price Action: Shares of United States Steel rose 0.3% to close at $48.37 on Wednesday.
ASP Isotopes Inc. (NASDAQ:ASPI)
- On Jan. 10, ASP Isotopes issued corporate update regarding Pretoria, South Africa operations. The company’s stock jumped around 31% over the past five days and has a 52-week high of $2.64.
- RSI Value: 75.59
- ASPI Price Action: Shares of ASP Isotopes gained 0.4% to close at $2.53 on Wednesday.
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Posted In: ASPI USLM X
