As of May 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. Â
Here’s the latest list of major overbought players in this sector.
Excelerate Energy, Inc. (NYSE:EE)
- Excelerate Energy is expected to release its first quarter 2024 results after the closing bell, on Wednesday, May 8. The company’s stock gained around 15% over the past month and has a 52-week high of $22.42.
- RSI Value: 71.62
- EE Price Action: Shares of Excelerate Energy gained 3.1% to close at $17.95 on Friday.
North European Oil Royalty Trust (NYSE:NRT)
- On April 30, North European Oil Royalty Trust  announced a distribution of 20 cents per unit for the second quarter of fiscal 2024. The company’s stock gained around 14% over the past five days and has a 52-week high of $16.36
- RSI Value: 72.92
- NRT Price Action: Shares of North European Oil Royalty Trust fell 0.1% to close at $8.35 on Monday.
Tidewater Inc. (NYSE:TDW)
- On May 2, Tidewater posted upbeat quarterly results. Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “First quarter results came in nicely above our expectations, especially for a period that is typically the slowest quarter of the year due to seasonality in certain markets and a front-loaded drydock schedule.” The company’s stock gained around 12% over the past five days and has a 52-week high of $109.66.
- RSI Value: 71.77
- TDW Price Action: Shares of Tidewater  gained 0.7% to close at $107.29 on Monday.
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