ReutersToday, we unravel the intriguing phenomenon of stocks trading in the overbought zone while displaying a bearish or declining RSI trend. ETMarkets has collated a list of 10 such stocks from the 60 stocks reported by StockEdge on August 2, Wednesday. Let's delve into the importance of RSI in assessing these potential trend reversals.
The RSI is a popular momentum oscillator that measures the speed and change of price movements in a stock. RSI values oscillate between 0 and 100, and it is commonly displayed as a line graph on a chart. When the RSI is above 70, it suggests that the stock is in an overbought condition, indicating a potential correction or trend reversal to the downside. Conversely, RSI values below 30 indicate an oversold condition, signaling a possible price rebound.
Top 10 Stocks in the Overbought Zone with Bearish RSI Trend:
Based on the data reported by StockEdge on August 2, Wednesday, here are the top 10 stocks that are in the overbought zone but have witnessed a bearish or declining trend in their RSI:
1) Ambuja Cements Ltd. (RSI: 69.98, Prev. RSI: 70.7)
2) Godfrey Phillips India Ltd. (RSI: 69.92, Prev. RSI: 76.05)
3) Nippon Life India Asset Management Ltd. (RSI: 69.9, Prev. RSI: 75.13)
4) Oil & Natural Gas Corporation Ltd. (RSI: 69.76, Prev. RSI: 72.37)
5) Welspun Corp Ltd. (RSI: 69.68, Prev. RSI: 70.49)
6) Firstsource Solutions Ltd. (RSI: 69.19, Prev. RSI: 75.33)
7) Natco Pharma Ltd. (RSI: 69.1, Prev. RSI: 79.95)
8) Zensar Technologies Ltd. (RSI: 67.86, Prev. RSI: 74.17)
9) Engineers India Ltd. (RSI: 67.6, Prev. RSI: 80.41)
10) Jindal Stainless Ltd. (RSI: 67.41, Prev. RSI: 72.85)
The data for stocks with bearish RSI in the overbought zone on August 3, Thursday, will be updated later today.
(Disclaimer: This is an AI-generated article. Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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