Top 5 Consumer Stocks That May Dip

The most overbought stocks in the consumer discretionary 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.

Secoo Holding Limited SECO

• Secoo announced it will explore use of ChatGPT and other AI technologies. The company's stock has a 52-week high of $6.90 .
• RSI Value: 80.42
• SECO Price Action: Shares of Secoo Holding gained 121.7% to close at $3.77 on Monday and lost 10.9% in after-hours trading.

Express, Inc. EXPR

• The company said it sees EPS of $(1.18)-$(1.22). The company's stock has a 52-week high of $4.93.
• RSI Value: 70.19
• EXPR Price Action: Shares of Express jumped 16.1% to close at $1.37 on Monday and added 2.2% in after-hours trading.

Portillo's Inc. PTLO

• Portillo's refinanced existing credit facility with new 5-year $300 million Term A loan. The company has a 52-week high of $29.04.
• RSI Value: 78.85
• PTLO Price Action: Shares of Portillo's rose 2.9% to close at $22.55 on Monday and added 0.9% in after-hours trading.

Tesla, Inc. TSLA

• Wedbush maintained an Outperform rating on the stock and raised its price target from $200 to $225. The company's 52-week high is $384.29.
• RSI Value: 70.86
• TSLA Price Action: Shares of Tesla gained 2.5% to close at $194.76 on Monday and added 0.2% in after-hours trading.

Lucid Group, Inc LCID

• Traders recently circulated rumors that the Public Investment Fund was preparing to buy out the remainder of Lucid Group. The company has a 52-week high of $30.12.
• RSI Value: 70.29
• LCID Price Action: Shares of Lucid Group rose 2.9% to settle at $11.96 on Monday and lost 0.3% in after-hours trading.

Read More: Top 5 Tech And Telecom Stocks That May Dip