As of Oct. 18, 2024, two stocks in the communication services 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.
T-Mobile Us Inc (NASDAQ:TMUS)
- T-Mobile announced redemption of Sprint 7.625% notes due Feb. 15, 2025. The company’s stock gained around 13% over the past month and has a 52-week high of $222.73.
- RSI Value: 82.35
- TMUS Price Action: Shares of T-Mobile Us gained 1% to close at $221.95 on Thursday.
Sify Technologies Limited (NASDAQ:SIFY)
- Sify Technologies will announce financial results for the second quarter on Tuesday, Oct. 22. The company’s stock gained around 54% over the past month and has a 52-week high of $12.30.
- RSI Value: 70.98
- SIFY Price Action: Shares of Sify rose 14.8% to close at $3.73 on Thursday.
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