As of June 7, 2024, three stocks in the energy 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.

StealthGas Inc (NASDAQ:GASS)

On May 22, StealthGas ( GASS ) posted better-than-expected quarterly results. CEO Harry Vafias said, "Today we announce yet another record breaking quarter. Profits of $17.7 million for the first quarter of 2024 are an all time high for our company in the 20 years since its inception." The company's stock gained around 29% over the past month and has a 52-week high of $8.84.

RSI Value: 73.70                              

GASS Price Action: Shares of StealthGas ( GASS ) fell 2.3% to close at $8.41 on Thursday.

Hallador Energy Co (NASDAQ:HNRG)

On May 6, Hallador Energy ( HNRG ) reported better-than-expected first-quarter GAAP EPS results. Brent Bilsland, President and Chief Executive Officer, stated, “Throughout the first quarter, we continued our progress on transitioning the focus of Hallador from a coal production company to an independent power producer.” The company's stock gained around 61% over the past month and has a 52-week high of $15.79.

RSI Value: 75.62

HNRG Price Action: Shares of Hallador Energy ( HNRG ) rose 0.9% to close at $8.82 on Thursday.

Overseas Shipholding Group Inc. ( OSG )

On May 20, Overseas Shipholding Group ( OSG ) announced it entered into a definitive merger agreement to be acquired by Saltchuk Resources. The company's stock gained around 34% over the past month and has a 52-week high of $8.46.

RSI Value: 80.46

OSG Price Action: Shares of Overseas Shipholding ( OSG ) slipped 0.1% to close at $8.43 on Thursday.

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