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Overbought Stocks

Overbought Stocks is a list of the most overbought stocks today based on the RSI momentum technical indicator. Overbought stocks are worth watching for traders because the trend for overbought stocks may reverse.

6/7/2023

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Symbol Chart Open High Low Close Volume % Change Stock Predictions
JOBY 6.49 6.78 6.34 6.35 7266200 0.16% JOBY Stock Predictions
OSCR 9.00 9.27 8.68 8.90 1978000 0.11% OSCR Stock Predictions
SLAM 10.54 10.57 10.54 10.55 458800 0.00% SLAM Stock Predictions
RXDX 199.08 199.08 198.77 198.84 480000 -0.01% RXDX Stock Predictions
SKYW 34.30 34.42 33.63 34.05 559600 -0.03% SKYW Stock Predictions
BLU 14.60 14.62 14.58 14.59 1529500 -0.07% BLU Stock Predictions
RUTH 21.49 21.50 21.47 21.47 1016900 -0.09% RUTH Stock Predictions
ABST 11.29 11.35 11.27 11.27 630800 -0.09% ABST Stock Predictions
ICVT 74.39 74.52 74.17 74.24 221800 -0.09% ICVT Stock Predictions
CTIC 9.05 9.05 9.04 9.04 1582000 -0.11% CTIC Stock Predictions
TOL 74.26 75.20 73.75 73.94 2155000 -0.15% TOL Stock Predictions
PTY 13.50 13.59 13.38 13.44 686600 -0.15% PTY Stock Predictions
AXP 173.65 173.65 170.70 171.55 2788900 -0.16% AXP Stock Predictions
ARMK 41.22 41.58 40.92 40.95 1849000 -0.17% ARMK Stock Predictions
SVXY 78.57 78.85 77.95 78.65 1281300 -0.17% SVXY Stock Predictions
CIB 28.91 29.23 28.50 28.61 599500 -0.17% CIB Stock Predictions
CIR 47.76 47.87 47.65 47.66 1002400 -0.19% CIR Stock Predictions
CWB 68.32 68.67 68.07 68.16 1222900 -0.20% CWB Stock Predictions
CVLT 71.29 72.44 70.88 71.38 454700 -0.21% CVLT Stock Predictions
ISEE 38.94 38.96 38.60 38.80 3608100 -0.26% ISEE Stock Predictions
BHVN 22.70 23.08 22.03 22.57 967000 -0.27% BHVN Stock Predictions
W 52.58 52.97 48.63 49.30 10778800 -0.28% W Stock Predictions
ARKQ 53.61 54.18 52.82 52.97 202600 -0.28% ARKQ Stock Predictions
TCMD 24.43 24.75 23.86 24.14 225100 -0.37% TCMD Stock Predictions
TPH 32.55 33.03 32.21 32.29 1710600 -0.43% TPH Stock Predictions
ACVA 18.19 18.34 17.72 17.92 1006900 -0.44% ACVA Stock Predictions
HQY 66.62 66.94 64.74 65.38 992900 -0.44% HQY Stock Predictions
AKAM 93.55 93.88 92.76 92.88 1145800 -0.46% AKAM Stock Predictions
LPRO 10.89 11.06 10.74 10.80 682900 -0.46% LPRO Stock Predictions
RDNT 31.00 31.56 30.67 30.74 612000 -0.52% RDNT Stock Predictions
LI 32.43 32.63 31.49 31.81 6922300 -0.56% LI Stock Predictions
DAKT 6.93 7.15 6.77 6.84 931100 -0.58% DAKT Stock Predictions
SVIX 24.39 24.50 23.93 24.31 1238800 -0.61% SVIX Stock Predictions
LZ 12.60 12.97 12.34 12.47 1012600 -1.03% LZ Stock Predictions
WEAV 7.72 7.79 7.55 7.62 782400 -1.04% WEAV Stock Predictions
GERN 3.62 3.68 3.53 3.56 3979900 -1.11% GERN Stock Predictions
AVDX 10.93 11.00 10.57 10.71 2109000 -1.11% AVDX Stock Predictions
BKSY 1.83 1.89 1.74 1.78 1272200 -1.11% BKSY Stock Predictions
ZUO 11.96 12.12 11.60 11.64 1333200 -1.44% ZUO Stock Predictions
KODK 5.37 5.50 5.23 5.24 629800 -1.50% KODK Stock Predictions
INTR 3.26 3.40 2.93 3.22 546800 -1.53% INTR Stock Predictions
ETRN 9.71 9.85 9.34 9.50 13265800 -1.55% ETRN Stock Predictions
HGBL 4.01 4.04 3.90 3.93 294800 -1.75% HGBL Stock Predictions
PIII 5.06 5.37 4.78 5.00 526300 -1.77% PIII Stock Predictions
LFCR 8.54 8.97 7.91 8.34 896200 -1.88% LFCR Stock Predictions
AEHR 42.87 43.98 41.41 41.63 1029500 -2.12% AEHR Stock Predictions
KIND 2.96 3.03 2.86 2.90 1217000 -2.36% KIND Stock Predictions
AVPT 6.86 6.88 6.53 6.69 903200 -2.48% AVPT Stock Predictions
DFH 21.00 21.00 20.22 20.33 298800 -2.49% DFH Stock Predictions
PSTG 34.99 35.44 33.80 34.02 6158300 -2.52% PSTG Stock Predictions
CXM 14.87 14.95 14.16 14.30 1776700 -2.72% CXM Stock Predictions
BVS 2.85 3.07 2.80 2.82 496600 -2.76% BVS Stock Predictions
PUBM 18.81 19.18 18.16 18.22 383700 -2.77% PUBM Stock Predictions
CCCS 11.30 11.36 10.91 10.93 1209300 -2.93% CCCS Stock Predictions
RMTI 4.35 4.46 4.01 4.19 557600 -3.23% RMTI Stock Predictions
CGNT 5.44 5.45 5.16 5.21 553700 -3.52% CGNT Stock Predictions
AZUL 12.83 13.03 11.82 11.83 3127800 -3.59% AZUL Stock Predictions
UTME 2.26 2.42 2.05 2.24 385600 -3.86% UTME Stock Predictions
HOTH 3.18 3.34 2.96 3.22 2960500 -3.88% HOTH Stock Predictions
OPRA 18.45 18.46 17.12 17.72 1035100 -3.90% OPRA Stock Predictions
MPLN 1.82 1.93 1.71 1.71 2070000 -3.93% MPLN Stock Predictions
DOCN 44.00 44.74 42.33 42.70 2578600 -4.43% DOCN Stock Predictions
CGEN 1.25 1.29 1.18 1.21 760500 -4.72% CGEN Stock Predictions
MDB 387.86 391.89 366.11 368.56 2207300 -4.92% MDB Stock Predictions
PLTR 16.01 17.16 14.52 14.69 226246000 -4.98% PLTR Stock Predictions
IOT 27.97 28.59 26.31 26.57 5266400 -5.41% IOT Stock Predictions
MVLA 2.90 3.10 2.70 2.75 959100 -6.46% MVLA Stock Predictions
QBTS 2.33 2.68 2.03 2.07 17973800 -8.00% QBTS Stock Predictions
GROV 1.96 1.96 1.85 1.93 358800 -10.23% GROV Stock Predictions
TRKA 3.07 3.07 2.75 2.79 1183200 -10.86% TRKA Stock Predictions

What does overbought stock mean?

When a stock is overbought, that means it is overvalued. The definition of an overbought stock differs between investors and traders.

For a long term investor who focuses on fundamental analysis, an overvalued stock's PE ratio is too high, or the growth rate is too low.

For a short term trader who uses technical analysis, an overbought stock means the price of the stock rises too fast, and the trend may be reversed any time now.

Since our tools are based on technical analysis, we defined overbought stock as a trader. We use a technical indicator called the RSI to measure when a stock is overbought.

When the technical indicator RSI is above 70, a stock is considered an overbought stock. When the RSI indicator drops from 70, it generates a bearish signal. The most overbought stocks today listed above are based on the RSI indicator.


How to trade overbought stocks?

There are various ways to find stocks that are overbought using different types of technical indicators, RSI is one of the popular ones. Let's take a look at an example, TSLA.

  • The RSI for TSLA went above 70 briefly in late March and the beginning of April, which means the stock is overbought at that level.
  • A few days later, the MACD crossed down, which is another bearish signal
  • TSLA then went down from around $1,150 in April to a low of $620 by the end of May.

The overbought signal works perfectly for this trade.




Overbought stock example

Here's another example of an overbought stock, SES, where the RSI indicator is over 70.

  • The RSI for SES went above 70 and crossed down in late March. If you base your trade on the overbought signal, when the RSI crosses down 70 is when you go short on the stock, or to sell if you already have a long position.
  • A few days later, the MACD crossed down, which is another bearish signal. It gives you a second chance to get out of this trade in case you were long on this stock.
  • SES then went down from over $10 per share to a new low of $3.61 in less than 3 months.

Multiple technical indicators

In both of the above examples, we use an indicator called the MACD crosstown for confirmation on a stock. It is dangerous to rely solely on the RSI overbought signal.

Traders are free to use any other technical indicators for a confirmation signal. They can also use the overbought stock as a secondary signal to confirm with any primary indicator they use.


Why is stop loss important?

Please remember just because a stock is in the overbought zone doesn't necessarily mean it is a SELL. Some strong stocks may keep going up for a long time before they reach their peak.

During that time, the RSI will stay above 70 and the stock will remain overbought. It is not a good idea to sell or short a stock just because the RSI indicator indicates it is an overbought stock. You should combine the overbought signals with other technical indicators and the general trend of the market.

Therefore, if we use RSI above 70 as a bearish signal and short a stock based on this indicator, we need to have a tight stop loss in the case when we are wrong.

Price Stop - The stop loss could be a price stop-loss meaning if a stock keeps going up and hits a certain price, we would cut our losses and cover the trade.

Time Stop - Whenever we are in a trade using the overbought signal, we expect the trade to work in our favor quickly. If it does not, we need to cover the trade to protect ourselves from losses. You can set a time stop for a week or two depending on your strategy and comfortable level.

Let's take a look at the following example where the overbought stock gives us a false signal.


  • As we can see from the above chart for the stock MYE, the RSI indicator went above 70 in late March.
  • A few days later, the MACD crossed down, which is another bearish signal.
  • However, the stock price of MYE kept going up from around $21 to $25. That is why we should use a stop loss. A few of these failed trades might crush our portfolio if we stay in the trade without cutting losses.

To learn more about trading, read Swing Trading Strategies.




How to find overbought stocks

The stocks that you find on this overbought stocks list are based on the RSI indicator. If you prefer to use the stochastic oscillator for overbought stocks, you can use our free technical stock screener.

  • Go to https://stock-screener.org/
  • Scroll down to the Technical Analysis Screener
  • Check the box next to Stochastic Crossover
  • Set the stochastic between 80 & 100 - any stock with the stochastic oscillator over 80 is considered overbought.


Final Words

As with any other indicator, the overbought signal doesn't always work. As a trader, we should always cut our losses quickly if we are shorting a stock based on the overbought indicator.

Always keep in mind that technical analysis is an art, and not a science. One plus one does not always equal two in trading. It is also recommended that you combine the overbought indicator with other technical indicators, such as support & resistance levels, trendlines, candlestick patterns, or the MACD.

One should also backtest his strategy against historical data and see how well the strategy works. The best thing to do would be to study a lot of charts, and see if you can find patterns when the overbought pattern works the best.

The only way that you can trade for the long term is to first survive. Professional traders always cut their losses small which is the opposite of what beginners are doing. They let their losses run and cut profits too soon.


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