Olectra Greentech, Gillette India among 10 stocks with bearish RSI trends
Relative Strength Index (RSI) is an important technical indicator which helps investors make informed decisions on stocks. This indicator gives valuable insights into a stock's price momentum and potential trends. On July 21, Monday, StockEdge reported 24 stocks that were trading in the overbought zone, yet exhibited a bearish or declining RSI trend.
In this article, we analyse 10 selected stocks from ETMarkets that currently fall into this category, and investors should exercise caution when considering these stocks. The RSI is a popular technical indicator that measures the magnitude and speed of price movements in a stock. RSI values range from 0 to 100 and are used to identify overbought and oversold conditions.
When the RSI surpasses the 70 mark, it indicates that the stock is overbought and may experience a potential price correction. Conversely, an RSI below 30 suggests that the stock is oversold and could rebound soon.10 Overbought Stocks with Bearish RSI Trend 1) Global Health Ltd. (RSI: 69.67, Prev.
RSI: 71.41): A healthcare company exhibiting a bearish trend despite being overbought. 2) Craftsman Automation Ltd. (RSI: 69.57, Prev.
RSI: 72.46): An engineering firm experiencing a bearish RSI in an overbought condition. 3) Bajaj Finserv Ltd. (RSI: 69.49, Prev.
RSI: 70.72): A financial services company displaying a declining RSI trend. 4) Rallis India Ltd. (RSI: 69.2, Prev.
RSI: 75.94): An agrochemicals firm witnessing a bearish RSI despite being overbought. 5) Olectra Greentech Ltd. (RSI: 68.95, Prev.
RSI: 73.26): An electric bus manufacturer with a declining RSI trend. 6) Gillette India Ltd. (RSI: 68.86, Prev.
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