Top 5 Tech Stocks That May Fall Off A Cliff

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.

Cipher Mining Inc. CIFR

  • Cipher Mining recently announced June 2023 operational update. “The month of June featured challenging operating conditions. Texas experienced record high temperatures, weak wind production and record demand for power as we entered the critical 4CP summer months,” said Tyler Page, CEO of Cipher. “Against this backdrop, we are delighted to announce production numbers that reflect not only our ability to navigate tough operating conditions and manage our mining fleet during extreme temperatures, but also our optimization of production through power sales.” The company’s stock has a 52-week high of $4.38. .
  • RSI Value: 74.83
  • CIFR Price Action: Shares of Cipher Mining fell 6.5% to close at $4.04 on Tuesday.

Bitdeer Technologies Group BTDR

  • Bitdeer Technologies Group said Bitcoin mined in June 2023 increased by 35.8% on a year-over-year basis. Linghui Kong, Chief Executive Officer of Bitdeer, commented, “During June, we pushed ahead with our efforts to augment and develop our business. Our 100MW Gedu mining datacenter in Bhutan is almost complete and is expected to be delivered in July.” The company’s stock has a 52-week high of $14.75.
  • RSI Value: 72.97
  • BTDR Price Action: Shares of Bitdeer Technologies fell 4.5% to close at $12.61 on Tuesday.

Applied Optoelectronics, Inc. AAOI

  • Applied Optoelectronics recently entered into a supply agreement with Microsoft Corporation. The company has a 52-week high of $10.00.
  • RSI Value: 85.88
  • AAOI Price Action: Shares of Applied Optoelectronics jumped 16.9% to close at $9.75 on Tuesday.

Riot Platforms, Inc. RIOT

  • Riot announced June 2023 production and operations updates. “June was a momentous month for Riot, as the results from our mining operations, power strategy and growth plans have all come together,” said Jason Les, CEO of Riot. The company’s 52-week high is $17.66.
  • RSI Value: 81.34
  • RIOT Price Action: Shares of Riot Platforms gained 3.9% to close at $17.51 on Tuesday.

Super Micro Computer, Inc. SMCI

  • Supermicro offered MicroCloud, a high-density 3U 8 node system utilizing AMD Ryzen Zen 4 7000 Series Processors. The company has a 52-week high of $282.90.
  • RSI Value: 73.04
  • SMCI Price Action: Shares of Super Micro Computer rose 0.4% to settle at $270.95 on Tuesday.

 

Read More: Amazon, GameStop And 2 Other Stocks Insiders Are Selling

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsPenny StocksShort IdeasSmall CapPre-Market OutlookMarketsTrading IdeasExpert IdeasOverbought stocksRSItech stocks
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!