Domino's Pizza and Zions Bancorporation are among some of the most overbought stocks on Wall Street this week, as the S & P 500 rose about 0.7%. The 14-day relative strength indicators for both stocks hovered around 86 on Friday. The RSI measures the speed and size of a stock's price change and can be used to separate the most overvalued and undervalued securities. Wall Street considers a stock overbought and due for a potential pullback when its RSI pushes above 70.
Domino's Pizza hovers around a similar RSI to Zions. A little over half of analysts rate shares a buy, with the average price implying rangebound action from here. So far this year the stock's gained about 11.3% and it's up 14.4% this month. Other overbought names include Global Payments and SLB . Meanwhile , Discover Financial topped the list of the most oversold stocks in the S & P 500, with an RSI of roughly 27. Shares lost 11.
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Source: Newsweek - 🏆 468. / 52 Read more »