Top 5 Tech And Telecom Stocks That May Implode This Quarter

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.

Cardlytics, Inc. CDLX

• Cardlytics posted a narrower-than-expected quarterly loss. "We are excited to move past the determination of the First Anniversary Earnout Payment." said Karim Temsamani, Chief Executive Officer. "As I have said in prior quarters, our success hinges on our ability to execute with a disciplined approach. It also hinges on our teams being laser focused on supporting our product initiatives and the needs of our partners. We are not stopping in our journey to create the best possible version of Cardlytics." The company’s stock has a 52-week high of $18.21. .
• RSI Value: 73.01
• CDLX Price Action: Shares of Cardlytics fell 6.6% to close at $9.12 on Friday.

FingerMotion, Inc. FNGR

• FingerMotion posted a narrower loss for the first quarter. "The Chinese "lockdowns" are over now, but during the quarter they still had an impact on the Company's revenue mix," said Martin Shen, CEO of FingerMotion. "The Company managed the quarter by focusing available resources to the top-up business." The company’s stock has a 52-week high of $9.80.
• RSI Value: 70.05
• FNGR Price Action: Shares of FingerMotion fell 5.3% to close at $5.70 on Friday.

Snap Inc. SNAP

• Snap recently introduced a revenue-sharing program to entice creators back to its platform, allowing them to earn a portion of the ad revenue generated by their content. The company has a 52-week high of $16.55.
• RSI Value: 73.62
• SNAP Price Action: Shares of Snap fell 2.7% to close at $13.15 on Friday.

Angi Inc. ANGI

• Angi reported better-than-expected first-quarter EPS and sales results. The company’s 52-week high is $6.31.
• RSI Value: 70.63
• ANGI Price Action: Shares of Angi fell 2.6% to close at $3.76 on Friday.

Meta Platforms, Inc. META

• TD Cowen recently upgraded Meta Platforms from Market Perform to Outperform and raised the price target from $220 to $345. The company has a 52-week high of $316.24.
• RSI Value: 71.46
• META Price Action: Shares of Meta Platforms fell 1.5% to settle at $308.87 on Friday.

Read More: Robinhood, Pinterest And 2 Other Stocks Insiders Are Selling