Top 3 Tech And Telecom Stocks That Should Keep You Up At Night

Author: Lisa Levin | September 28, 2023 06:59am

The most overbought stocks in the communication services sector presents an opportunity to go short on these overvalued companies.

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.

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

JOYY Inc. (NASDAQ:YY)

• JOYY posted better-than-expected results for the latest quarter. Mr. David Xueling Li, Chairman and Chief Executive Officer of JOYY, commented, "Powered by constant product improvements and operational enhancements, BIGO successfully navigated macro headwinds and improved its GAAP and non-GAAP operating margins. At the same time, our global MAUs achieved both year-over-year and quarter-over-quarter growth." The company’s stock has a 52-week high of $40.30. .
• RSI Value: 70.30
• YY Price Action: Shares of JOYY fell 2.4% to close at $38.97 on Wednesday.

Activision Blizzard, Inc. (NASDAQ:ATVI)

• Microsoft Corp (NASDAQ:MSFT) revamped its acquisition strategy for Activision Blizzard after facing initial regulatory hurdles in the U.K. The company’s stock has a 52-week high of $94.21.
• RSI Value: 74.02
• ATVI Price Action: Shares of Activision Blizzard fell 0.1% to close at $93.92 on Wednesday.

SciPlay Corporation (NASDAQ:SCPL)

• SciPlay reported better-than-expected second-quarter financial results. Josh Wilson, Chief Executive Officer of SciPlay, commented, "SciPlay has consistently grown our business and led the social casino market in performance over the past six consecutive quarters. Our strong and consistent growth reflects the delivery of great gaming and entertainment experiences to our players, and the unrivaled execution of our team." The company has a 52-week high of $22.87.
• RSI Value: 70.69
• SCPL Price Action: Shares of SciPlay rose 0.1% to close at $22.76 on Wednesday.

 

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Posted In: ATVI MSFT SCPL YY