Top 3 Defensive Stocks You May Want To Dump In September

As of Sept. 19, 2024, three stocks in the consumer staples 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.

Instacart CART

• On Sept. 5, Cantor Fitzgerald analyst Deepak Mathivanan initiated coverage on CART with an Overweight rating and announced a price target of $45.. The company's stock gained around 19% over the past month and has a 52-week high of $42.95.
• RSI Value: 76.17                              
• CART Price Action: Shares of Instacart gained 5.3% to close at $39.87 on Wednesday.

US Foods Holding Corp USFD

• On Sept. 18, Wells Fargo analyst Edward Kelly maintained US Foods with an Overweight and raised the price target from $66 to $75. The company's stock gained around 5% over the past five days and has a 52-week high of $62.34.
• RSI Value: 73.11
• USFD Price Action: Shares of US Foods fell 0.4% to close at $60.91 on Wednesday.

Monster Beverage Corp MNST

• On Aug. 19, Monster Beverage said its board authorized a new share repurchase program of up to $500 million of the company's outstanding common stock. As of Aug. 19, there were no authorized share repurchases remaining under the company's previously authorized buyback program. The company's stock gained around 12% over the past month and has a 52-week high of $61.22.
• RSI Value: 71.75
• MNST Price Action: Shares of Monster Beverage rose 2.5% to close at $52.35 on Wednesday.

Read Next:

• FedEx Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street’s Most Accurate Analysts