5 Most Expensive Tech Stocks You Should Worry About

The most overbought stocks in the information technology sector presents an opportunity to go short on these overvalued companies.

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.

Here’s the latest list of major overbought players in this sector.

BIT Mining Limited BTCM

• BIT Mining, last month, implemented a 1-for-10 reverse stock split. The company’s stock has a 52-week high of $47.50 .
• RSI Value: 90.68
• BTCM Price Action: Shares of BIT Mining rose 42.1% to settle at $3.07 on Friday and added 1.3% in after-hours trading.

Cipher Mining Inc. CIFR

• Cipher Mining recently announced December update, saying it mined 225 Bitcoin. The company’s stock has a 52-week high of $3.94.
• RSI Value: 77.62
• CIFR Price Action: Shares of Cipher Mining gained 5.7% to close at $1.11 on Friday and added 14.4% in after-hours trading.

National Instruments Corporation NATI

• National Instruments announced it has initiated a review and evaluation of strategic options, including interest from potential acquirers. The company has a 52-week high of $47.95.
• RSI Value: 85.71
• NATI Price Action: Shares of National Instruments jumped 16.9% to close at $46.97 on Friday and added 2.1% in after-hours trading.

Agora, Inc. API

• Agora, last month, agreed to sell customer engagement cloud business to TI Cloud for $14.6 million in cash. The company’s 52-week high is $13.23.
• RSI Value: 70.08
• API Price Action: Shares of Agora gained 8.1% to close at $4.79 on Friday.

Flex Ltd. FLEX

• Flex is expected to announce its third quarter fiscal financial results on Wednesday, Jan. 25, 2023. The company has a 52-week high of $24.08.
• RSI Value: 80.58
• FLEX Price Action: Shares of Flex gained 2.5% to settle at $24.03 on Friday and added 4.1% in after-hours trading.

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