Stocks were up this week. Here are the names that are now overbought
The energy sector was a winner this week, but some stocks are registering as overbought.
TL;DR
- Major stock indexes (S&P 500, Dow Jones, Nasdaq) closed higher for the week.
- Bond yields stabilized around 24-year highs, and oil prices saw modest gains.
- Some stocks, especially energy companies like Valero Energy, Phillips 66, and Marathon Petroleum, have entered overbought territory based on RSI exceeding 70.
- Hurricane Isaias and increased tanker attacks in the Strait of Hormuz contributed to rising oil prices.
- Industrial software maker PTC also saw its shares surge and is now considered overbought following its acquisition announcement by Schneider Electric.