Top 4 Materials Stocks That May Fall Off A Cliff This Quarter

As of Feb. 7, 2024, four stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

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, according to Benzinga Pro.

Here’s the latest list of major overbought players in this sector.

ASP Isotopes Inc. ASPI

• On Jan. 10, ASP Isotopes issued corporate update regarding Pretoria, South Africa operations. The company’s stock gained around 35% over the past five days and has a 52-week high of $3.1299 .
• RSI Value: 81.69
• ASPI Price Action: Shares of ASP Isotopes gained 6.9% to close at $3.10 on Tuesday.

Smith-Midland Corporation SMID

• On Dec. 12, Smith-Midland received $3.8 million J-J Hooks Barrier Rental contract for I-64 in Virginia. The company’s stock gained around 12% over the past five days and has a 52-week high of $45.55.
• RSI Value: 75.27
• SMID Price Action: Shares of Smith-Midland jumped 5% to close at $45.07 on Tuesday.

Eagle Materials Inc. EXP

• On Jan. 25, Eagle Materials posted better-than-expected quarterly results The company’s stock gained around 16% over the past month and has a 52-week high of $237.43.
• RSI Value: 77.59
• EXP Price Action: Shares of Coherent gained 1% to close at $235.82 on Tuesday.

CEMEX, S.A.B. de C.V. CX

• On Jan. 9, B of A Securities analyst Carlos Peyrelongue upgraded Cemex from Neutral to Buy and raised the price target from $8.2 to $9. The company’s stock jumped around 12% over the past month and has a 52-week high is $8.69.
• RSI Value: 75.53
• CX Price Action: Shares of CEMEX gained 2.6% to close at $8.68 on Tuesday.

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