Top 4 Defensive Stocks That Could Sink Your Portfolio In Q3

The most overbought stocks in the consumer staples 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.

Casey's General Stores, Inc. CASY

• The company posted downbeat quarterly sales. "Casey's closed out its three-year strategic plan with another record fiscal year for its shareholders, highlighted by 19% EBITDA growth and 31% diluted EPS growth," said Darren Rebelez, President and CEO. The company’s stock has a 52-week high of $249.90. .
• RSI Value: 71.37
• CASY Price Action: Shares of Casey's General Stores fell 0.3% to close at $243.23 on Monday.

Church & Dwight Co., Inc. CHD

• Church & Dwight is scheduled to webcast a discussion of its second quarter earnings results on July 28, 2023. The company’s stock has a 52-week high of $100.49.
• RSI Value: 70.27
• CHD Price Action: Shares of Church & Dwight fell 0.1% to close at $100.20 on Monday.

Oil-Dri Corporation of America ODC

• Oil-Dri announced price increases on its industrial and automotive clay absorbents. The company has a 52-week high of $60.00.
• RSI Value: 75.61
• ODC Price Action: Shares of Oil-Dri Corporation of America rose 0.3% to close at $59.14 on Monday.

US Foods Holding Corp. USFD

• Morgan Stanley recently upgraded US Foods from Equal-Weight to Overweight and raised the price target from $46 to $54. The company’s 52-week high is $44.22.
• RSI Value: 70.36
• USFD Price Action: Shares of US Foods Holding rose 0.4% to close at $44.19 on Monday.

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