February 7, 2024 marked a turning point for the materials sector, as four stocks hinted at a looming warning for momentum-focused investors.
The Relative Strength Index (RSI) has long been a trusted gauge of a stock’s momentum, comparing its strength on up and down days. Exceeding a value of 70, the RSI signals overbought territory, indicating imminent short-term performance. A potential shift seems to loom on the horizon for these four stocks.
ASP Isotopes Inc. ASPI
- ASP Isotopes recently disclosed a corporate update for its Pretoria, South Africa operations, spurring a 35% surge over the last five days. With a 52-week high of $3.1299, the stock’s RSI value stands at 81.69.
- ASPI Price Action: With a 6.9% gain, ASP Isotopes closed at $3.10 on Tuesday.
Smith-Midland Corporation SMID
- Attracted by a $3.8 million J-J Hooks Barrier Rental contract for I-64 in Virginia, investors pushed Smith-Midland stock 12% higher over the last five days. Sporting a 52-week high of $45.55, the RSI value stands at 75.27.
- SMID Price Action: The stock closed at $45.07 on Tuesday, reflecting a 5% increase.
Eagle Materials Inc. EXP
- Revealing stronger-than-expected quarterly results on January 25, Eagle Materials fueled a 16% surge over the past month. With a 52-week high of $237.43, the RSI value stands at 77.59.
- EXP Price Action: Reflecting a 1% gain, shares closed at $235.82 on Tuesday.
CEMEX, S.A.B. de C.V. CX
- Amid an upgrade from Neutral to Buy by B of A Securities analyst Carlos Peyrelongue on January 9, CEMEX saw a 12% jump over the past month, with a 52-week high of $8.69. The stock’s RSI value stands at 75.53.
- CX Price Action: Closing at $8.68 on Tuesday, CEMEX reflected a 2.6% gain.
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