Market News

Tech and Telecom Stock Indicators for January – Brief Overview Tech and Telecom Stock Indicators for January – Brief Overview

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.
See also  Biden Administration Revokes Export Licenses for Chip Supply to Huawei The Chip Supply Shake-Up: Biden Administration Halts Huawei Export Licenses

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.

 

Read More: Citigroup, Bank of America And 3 Stocks To Watch Heading Into Friday