Top 4 Industrials Stocks That May Collapse This Quarter

Author: Avi Kapoor | April 29, 2024 08:32am

As of April 29, 2024, four stocks in the industrials 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.

Danaos Corporation (NYSE:DAC)

• On Feb. 13, Danaos posted downbeat quarterly results. The company's stock gained around 3% over the past five days and has a 52-week high of $80.39.
• RSI Value: 70.03                              
• DAC Price Action: Shares of Danaos gained 1.7% to close at $75.21 on Friday.

Westinghouse Air Brake Technologies Corporation (NYSE:WAB)

• On April 24, Wabtec reported better-than-expected first-quarter financial results and raised its 2024 guidance. "Looking ahead, we continue to see underlying customer demand for our products and solutions. Our orders pipeline and 12-month backlog continue to be strong, which provides visibility for profitable growth ahead. Our team is focused on product innovation, disciplined cost management, and relentless execution for our customers. These factors, coupled with our strong Q1 results, give us confidence to raise our full-year 2024 guidance," commented Rafael Santana, Wabtec's President and CEO. The company's stock gained around 14% over the past five days and has a 52-week high of $167.49.
• RSI Value: 82.14
• WAB Price Action: Shares of Westinghouse Air Brake Technologies gained 0.7% to close at $164.36 on Friday.

JanOne Inc. (NASDAQ:JAN)

• On March 15, JanOne regained compliance with Nasdaq’s listing requirements. The company's stock gained around 98% over the past month and has a 52-week high of $5.11.
• RSI Value: 77.93
• JAN Price Action: Shares of JanOne gained 8.3% to close at $5.10 on Friday.

Tutor Perini Corporation (NYSE:TPC)

• On April 25, Tutor Perini reported better-than-expected first-quarter financial results and issued FY24 EPS guidance. The company's stock jumped around 34% over the past five days and has a 52-week high is $17.95.
• RSI Value: 78.91
• TPC Price Action: Shares of Tutor Perini gained 28% to close at $17.78 on Friday.

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Posted In: DAC JAN TPC WAB