As of April 24, 2024, three 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.
Viper Energy, Inc. (NASDAQ:VNOM)
- On April 19, Piper Sandler analyst Mark Lear maintained Viper Energy with an Overweight and raised the price target from $36 to $43. The company's stock gained around 5% over the past month and has a 52-week high of $41.22.
- RSI Value: 73.72
- VNOM Price Action: Shares of Viper Energy gained 2.2% to close at $39.98 on Tuesday.
Antero Resources Corporation (NYSE:AR)
- On April 17, Morgan Stanley analyst Devin McDermott upgraded Antero Resources from Equal-Weight to Overweight and raised the price target from $26 to $36. The company's stock gained around 13% over the past month and has a 52-week high of $31.41.
- RSI Value: 72.21
- AR Price Action: Shares of Antero Resources gained 2.1% to close at $31.02 on Tuesday.
Pioneer Natural Resources Company (NYSE:PXD)
- On April 23, Stifel analyst Derrick Whitfield maintained Pioneer Natural Resources with a Hold and raised the price target from $237 to $275. The company's stock gained around 3% over the past five days and has a 52-week high of $278.83.
- RSI Value: 71.55
- PXD Price Action: Shares of Pioneer Natural Resources gained 0.6% to close at $275.23 on Tuesday.
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