As of April 24, 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.
Viper Energy, Inc. (NASDAQ:VNOM)
- On April 19, Piper Sandler analyst Mark Lear maintained Viper Energy with an Overweight and raised the price target from $36 to $43. The company’s stock gained around 5% over the past month and has a 52-week high of $41.22.
- RSI Value: 73.72
- VNOM Price Action: Shares of Viper Energy gained 2.2% to close at $39.98 on Tuesday.
Antero Resources Corporation (NYSE:AR)
- On April 17, Morgan Stanley analyst Devin McDermott upgraded Antero Resources from Equal-Weight to Overweight and raised the price target from $26 to $36. The company’s stock gained around 13% over the past month and has a 52-week high of $31.41.
- RSI Value: 72.21
- AR Price Action: Shares of Antero Resources gained 2.1% to close at $31.02 on Tuesday.
Pioneer Natural Resources Company (NYSE:PXD)
- On April 23, Stifel analyst Derrick Whitfield maintained Pioneer Natural Resources with a Hold and raised the price target from $237 to $275. The company’s stock gained around 3% over the past five days and has a 52-week high of $278.83.
- RSI Value: 71.55
- PXD Price Action: Shares of Pioneer Natural Resources gained 0.6% to close at $275.23 on Tuesday.
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