Top 5 Tech And Telecom Stocks That May Implode This Month

The most overbought stocks in the communication services 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.

fuboTV Inc. FUBO

• Barrington Research reiterated FuboTV from Market Perform to Market Perform. The company’s stock has a 52-week high of $8.14 .
• RSI Value: 70.74
• FUBO Price Action: Shares of fuboTV rose 15.7% to close at $2.21 on Tuesday.

Gambling.com Group Limited GAMB

• Gambling.Com Group reported first-quarter FY23 revenue growth of 36.3% year-over-year to $26.69 million, beating the consensus of $25.17 million. The company’s stock has a 52-week high of $11.49.
• RSI Value: 72.62
• GAMB Price Action: Shares of Gambling.com fell 1.6% to close at $11.14 on Tuesday.

TIM S.A. TIMB

• Goldman Sachs analyst Vitor Tomita initiated coverage on TIM with a Neutral rating and announced a price target of $15. The company has a 52-week high of $15.49.
• RSI Value: 70.05
• TIMB Price Action: Shares of TIM fell 0.4% to close at $15.16 on Tuesday.

Gogo Inc. GOGO

• Gogo reported first-quarter FY23 revenue growth of 6% year-on-year to $98.6 million, missing the consensus of $101.4 million. "Channel momentum is building for our on-track launches of 5G in Q4 this year and our LEO-based Global Broadband product in the second half of 2024," said Oakleigh Thorne, Chairman and CEO. The company’s 52-week high is $19.29.
• RSI Value: 78.44
• GOGO Price Action: Shares of Gogo fell 0.4% to close at $16.95 on Tuesday.

Meta Platforms, Inc. META

• Mark Zuckerberg-led Meta Platforms released a “human-like” artificial intelligence image creation mode, claiming a new era of creating accurate image analysis and completion. The company has a 52-week high of $276.57.
• RSI Value: 73.53
• META Price Action: Shares of Meta Platforms rose 0.1% to settle at $271.32 on Tuesday.

Read More: Lennar, RadNet And 3 Stocks To Watch Heading Into Wednesday