As the S & P 500 nears its all-time high set in mid-July, some stocks may have become too overbought and are due for a pullback. The broad market index is on pace to rally for five consecutive positive sessions, and is almost 4% higher this week alone. The tech-heavy Nasdaq Composite has surged 5.8% this week, while the Dow Jones Industrial Average is 2.5% higher. That performance has left a host of stocks with outsized gains.
That performance has left a host of stocks with outsized gains. With that in mind, CNBC Pro used its stock screener tool to find the most overbought and oversold companies, using each one's 14-day relative strength index, or RSI. Stocks with a 14-day RSI score above 70 are typically regarded as overbought, indicating a pullback may be looming, while a 14-day RSI under 30 suggests a stock is oversold and may rebound.
According to consensus price forecasts, these stocks could climb over the next year. Analysts estimate Halliburton and APA might rally nearly 60% each, while Occidental's price target is 38% above its current level.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: NBCDFW - 🏆 288. / 63 Read more »
Source: wjxt4 - 🏆 246. / 63 Read more »
Source: latimes - 🏆 11. / 82 Read more »