As of Jan. 12, 2024, the communication services sector is showing signs of potential volatility, catching the attention of investors who closely track market momentum.
The Relative Strength Index (RSI), a key indicator for analyzing stock momentum, has been garnering interest among traders. When the RSI value exceeds 70, it often raises a red flag for potential overbought conditions, prompting investors to re-evaluate their positions.
Let’s take a closer look at the recent indicators for several prominent companies in this sector.
Beasley Broadcast Group, Inc. BBGI
- Following the posting of disappointing third-quarter results on Nov. 1, Beasley Broadcast Group has experienced a modest recovery, with its stock edging up by approximately 7% over the past month. The company’s RSI value currently stands at 75.48, signaling potential overbought territory.
- BBGI Price Action: Despite recent gains, shares of Beasley Broadcast fell by 1.9% to close at $0.8050 on Thursday.
Fluent, Inc. FLNT
- Following Weak quarterly results on Nov. 14, 2023, Fluent has seen a substantial increase in its stock price, surging by approximately 45% over the past month. With an RSI value of 78.11, caution flags are waving for potential over-extension.
- FLNT Price Action: Despite recent gains, shares of Fluent fell by 2.5% to close at $0.7401 on Thursday.
Reading International, Inc. RDI
- Following a narrower quarterly loss in November, Reading International’s stock price soared approximately 13% over the past month. With an RSI value of 70.78, a careful approach is advisable given the potential for overbought conditions.
- RDI Price Action: Shares of Reading International rose by 1% to close at $1.98 on Thursday.
PLDT Inc. PHI
- Notably, PLDT Inc. reached a 52-week high of $27.98. However, with an RSI value of 70.60, investors may want to approach with caution given the potential for overbought conditions.
- PHI Price Action: Despite recent gains, shares of PLDT fell by 1% to close at $22.94 on Thursday.
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