Top 3 Tech Stocks That May Fall Off A Cliff This Month – NVIDIA (NASDAQ:NVDA)

As of June 13, 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.

NVIDIA Corp NVDA

• On June 11, Evercore ISI Group analyst Mark Lipacis maintained NVIDIA with an Outperform and raised the price target from $131 to $145. The company’s stock gained around 39% over the past month and has a 52-week high of $126.88.
• RSI Value: 78.62                              
• NVDA Price Action: Shares of NVIDIA gained 3.6% to close at $125.20 on Wednesday.

Hewlett Packard Enterprise Co HPE

• On June 4, Hewlett Packard Enterprise reported better-than-expected second-quarter financial results. “HPE delivered very solid results in Q2, exceeding revenue and non-GAAP EPS guidance. AI systems revenue more than doubled from the prior quarter, driven by our strong order book and better conversion from our supply chain,” said Antonio Neri, president and CEO of Hewlett Packard Enterprise. The company’s stock gained around 20% over the past month and has a 52-week high of $21.16.
• RSI Value: 76.73
• HPE Price Action: Shares of Hewlett Packard Enterprise rose 1.7% to close at $20.91 on Wednesday.

Apple Inc AAPL

• Apple on Tuesday was upgraded by DA Davidson following a series of announcements out of the company’s Worldwide Developers Conference 2024. The company’s stock gained around 9% over the past five days and has a <a href=”https://www.benzinga.com/quote/AAPL”><em> 52-week high </em></a> of $220.20.
• RSI Value: 79.40
• AAPL Price Action: Shares of Apple gained 2.9% to close at $213.07 on Wednesday.

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