As of May 17, 2024, five 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.
Bilibili ( BILI ) is expected to report its first quarter 2024 unaudited financial results on Thursday, May 23, before the open of US markets. The company's stock gained around 48% over the past month and has a 52-week high of $19.36.
RSI Value: 73.14
BILI Price Action: Shares of Bilibili ( BILI ) rose 2.8% to close at $16.28 on Thursday.
On May 14, Sea reported fiscal first-quarter 2024 revenue growth of 22.8% year-on-year to $3.73 billion, beating the analyst consensus estimate of $3.56 billion. "I am pleased to share that we are kicking off 2024 with a strong quarter. All our three businesses have delivered strong growth with an improved profit profile," Chair and CEO Forrest Li said. The company's stock gained around 28% over the past month and has a 52-week high of $72.37.
RSI Value: 74.45
SE Price Action: Shares of Sea Limited ( SE ) rose 4.1% to close at $71.44 on Thursday.
On May 8, Bumble reported better-than-expected first-quarter financial results. "We delivered solid Q1 financial results while making great progress on our plans to unlock Bumble's next phase of growth," said Lidiane Jones, CEO of Bumble Inc. ( BMBL ) The company's stock gained around 20% over the past month and has a 52-week high of $21.06.
RSI Value: 73.59
BMBL Price Action: Shares of Bumble rose 1.3% to close at $12.13 on Thursday.
On April 30, Pinterest ( PINS ) said first-quarter revenue increased nearly 23% year-over-year to $740 million, which beat the consensus estimate of $699.872 million. “Q1 was a milestone quarter for Pinterest ( PINS ) as we reached new highs: surpassing half a billion monthly active users and reporting 23% revenue growth — our fastest user and revenue growth since 2021,” said Bill Ready, CEO of Pinterest ( PINS ). The company's stock jumped around 31% over the past month and has a 52-week high is $43.12.
RSI Value: 77.03
PINS Price Action: Shares of Pinterest ( PINS ) rose 0.8% to close at $42.77 on Thursday.
On May 13, Tencent Music Entertainment ( TME ) reported a fiscal first-quarter 2024 revenue decline of 3.4% year-over-year to $937.0 million (6.77 billion Chinese yuan), beating the analyst consensus estimate of $917.6 million. Mr. Cussion Pang, Executive Chairman of TME, commented, "We kicked off 2024 with impressive results. Online music continued to grow robustly, registering record-high net adds of 6.8 million music subscribers with healthy ARPPU for the first quarter. Our focus on high-quality growth also yielded solid net profit margin expansion." The company's stock jumped around 16% over the past five days and has a 52-week high of $15.77.
RSI Value: 80.37
TME Price Action: Shares of Tencent Music Entertainment ( TME ) rose 0.9% to close at $15.49 on Thursday.
Read More: Applied Materials, RBC Bearings And 3 Stocks To Watch Heading Into Friday
zpostcode
Recruit
weather
mreligion
Yellowpages
sport
constellation
shopping
name
game
directory
literature
Word
tour
furnish
Lottery
tftnews
lyrics
News
digital
car
dir
Edu
Finance
