CNBC Pro screened for the 10 most overbought and oversold stocks in the S&P 500 using the 'relative strength index.'
There's a Wall Street momentum indicator that can help investors filter out the most overbought, and oversold, stocks. The "relative strength index" alerts investors of potential overbought and oversold conditions in the market by measuring the speed and magnitude of recent price moves. A stock is considered overbought if its 14-day RSI goes above 70. This indicates that it may be overextended after a strong run, meaning investors might want to reduce their exposure.
Pro screened for the 10 most overbought stocks in the S & P 500. We also look at the percentage of analysts rating the stocks a buy, their potential upside to their average price targets and performance in 2023. Catalent was one of the most overbought stocks in the S & P 500. The pharmaceutical company has a14-day RSI of 82.46. The stock has jumped 58% in 2023, though it's still down 27% over the last 12 months. Analysts on average see the stock rising than 14%, FactSet data shows.
Pro also searched for oversold stocks in the S & P 500. Electronic Arts was identified as one of the most oversold stocks. The digital entertainment company's 14-day RSI came in at just 17.48. However, 50% of analysts covering EA rate it as buy. EA is off to a rocky start, down 9% this year. Late last month, EA reported a disappointing quarterly revenue and reduced its outlook for bookings. Match Group has a 14-day RSI of 26.08.
's Michael Bloom contributed to this report.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
General Motors digs into mining business to lead race for EV metalsThe US automaker has invested in several miners to improve access to battery minerals.
Read more »
Why Wall Street’s growth-heavy Nasdaq Composite is still rallying as Treasury yields riseStock-market investors should not blindly follow the established narratives suggesting rising Treasury yields usually spook technology and growth stocks but...
Read more »
Stocks fall as Wall Street heads for another losing weekStocks are falling again on Wall Street, on track for their first back-to-back weekly drop since the turn of the year.
Read more »
Sticky inflation pushes Wall Street toward weekly lossesShares have slipped in Europe and Asia after benchmarks on Wall Street took their biggest hit in four weeks as investors registered disappointment over an inflation reading that came in hotter than expected.
Read more »
Echoing Workers, Sanders Says Train Derailments Stem From Wall Street GreedSen. Bernie Sanders on Thursday connected the spate of recent train derailments in the United States to Wall Street-backed cost-cutting and other policy decisions that have decimated the rail industry's workforce and compromised train safety for the sake of larger profits.
Read more »
Paramount Earnings: Why Cash, Not Just Content, Is King for Wall Street'Streaming Transformer or Mission Impossible?' asks one Wall Street analyst as top executives say they're ready to navigate a challenging transition year that will see wider bottom-line losses for the company.
Read more »