As of April 22, 2024, two stocks in the consumer discretionary 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.
Carrols Restaurant Group, Inc (NASDAQ:TAST)
- On April 19, Carrols Restaurant 13D filing showed Gabelli Funds, LLC reported a 3.27% stake in the company as of April 15, 2024. The company’s stock gained around 69% over the past six months and has a 52-week high of $9.54.
- RSI Value: 75.96
- TAST Price Action: Shares of Carrols Restaurant rose 0.2% to close at $9.52 on Friday.
Coupang, Inc. (NYSE:CPNG)
- Coupang will raise its membership fees by 58% beginning on Saturday for new customers, according to a report from the Korean Times on April 12. The company’s membership service boasts approximately 14 million subscribers and benefits include next-day shipping, free returns, video streaming and Coupang Eats food delivery service. The company’s stock gained around 25% over the past month and has a 52-week high of $22.89.
- RSI Value: 75.11
- CPNG Price Action: Shares of Coupang fell 1.3% to close at $22.01 on Friday.
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