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Top 3 Tech Stocks That May Fall Off A Cliff This Month

Author: Avi Kapoor | January 10, 2024 08:54am

As of Jan. 10, 2024, three stocks in the information technology 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.

Argo Blockchain plc (NASDAQ:ARBK)

  • On Jan. 8, Argo Blockchain announced a £7.8 million ($9.9 million) placing. The company’s stock jumped around 58% over the past month and has a 52-week high of $4.45 .
  • RSI Value: 70.53
  • ARBK Price Action: Shares of Argo Blockchain fell 21.5% to close at $2.49 on Tuesday.

NextNav Inc. (NASDAQ:NN)

  • On Nov. 30, 2023, NextNav announced the appointment of Mariam Sorond, a veteran industry leader, as NextNav's new Chief Executive Officer. The company’s stock gained around 14% over the past five days and has a 52-week high of $6.07.
  • RSI Value: 71.11
  • NN Price Action: Shares of NextNav jumped 10.2% to close at $5.10 on Tuesday.

Alteryx, Inc. (NYSE:AYX)

  • On Dec. 18, Alteryx, agreed to be acquired by private equity firms Clearlake Capital Group, L.P., and Insight Partners for ~$4.4 billion, including debt, to transition into a privately held entity. The transaction, endorsed by Alteryx's Board of Directors and an independent Special Committee, is slated for completion in the first half of 2024. The company’s stock jumped around 6% over the past month and has a 52-week high of $70.63.
  • RSI Value: 73.58
  • AYX Price Action: Shares of Alteryx slipped 0.1% to close at $47.11 on Tuesday.

 

Read More: Markets Turn More Bullish Ahead Of Inflation Data; Fear & Greed Index Remains In 'Greed' Zone

Posted In: ARBK AYX NN


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