Top 2 Energy Stocks That May Keep You Up At Night In January
Author: Avi Kapoor | January 04, 2024 08:09am
As of Jan. 4, 2024, two stocks in the energy 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.
Battalion Oil Corporation (NYSE:BATL)
- On Dec. 15, Battalion Oil announced it will be acquired by Fury Resources. Matt Steele, Battalion CEO, commented, “It has been a pleasure working with Avi Mirman and his team to get the transaction to this point. Avi has a plan to become a premier player in the Delaware Basin. With the additional investment capital provided by the transaction, the company will finally be in a position to fully develop the Battalion asset base and position the company, its investors, and its employees for success.” The company’s stock jumped around 95% over the past month and has a 52-week high of $12.37 .
- RSI Value: 78.40
- BATL Price Action: Shares of Battalion Oil fell 0.3% to close at $9.59 on Wednesday.
Imperial Petroleum Inc. (NASDAQ:IMPP)
- On Dec. 22, Imperial Petroleum said all 13,875 shares of its Series C Cumulative Convertible Perpetual Preferred Stock have been converted by the holder, Flawless Management Inc, into 6,932,043 shares of the company's common stock. The company’s stock gained around 64% over the past month and has a 52-week high of $5.7150.
- RSI Value: 70.02
- IMPP Price Action: Shares of Imperial Petroleum rose 2.9% to close at $2.82 on Wednesday.
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Posted In: BATL IMPP
