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Reevaluating Overbought Tech and Telecom Stocks Reevaluating Overbought Tech and Telecom Stocks

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As of Feb. 22, 2024, three stocks in the tech and telecom 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.

MediaAlpha, Inc. MAX

  • On Feb. 20, MediaAlpha reported better-than-expected fourth-quarter financial results. β€œOur fourth quarter results exceeded expectations, driven primarily by improving conditions in our Property & Casualty (P&C) insurance vertical,” said MediaAlpha co-founder and CEO Steve Yi. β€œWhile our P&C vertical has been challenged by difficult market conditions for the past several years, we are seeing the market turn and expect first quarter Transaction Value to nearly double sequentially. We believe our growth will accelerate as more auto insurance carriers restore profitability and increase their marketing investments, driving strong results for MediaAlpha this year and beyond.” The company’s stock gained around 35% over the past five days and has a 52-week high of $20.01 .
  • RSI Value: 85.11
  • MAX Price Action: Shares of MediaAlpha gained 24.8% to close at $19.71 on Wednesday.

IAC Inc. IAC

  • On Feb. 13, IAC posted a profit for its fourth quarter. The company’s stock gained around 11% over the past month and has a 52-week high of $69.85.
  • RSI Value: 71.23
  • IAC Price Action: Shares of IAC rose 0.1% to close at $57.25 on Wednesday.

Angi Inc. ANGI

  • On Feb. 13, Angi reported better-than-expected fourth-quarter EPS results.. The company’s stock gained around 20% over the past five days and has a 52-week high of $4.18.
  • RSI Value: 75.32
  • ANGI Price Action: Shares of Angi gained 0.7% to close at $3.00 on Wednesday.

Read More: NVIDIA, Keurig Dr Pepper And 3 Stocks To Watch Heading Into Thursday


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