On November 9, Thursday, StockEdge identified a surge with 37 stocks trading in overbought conditions. ETMarkets zooms in on 5 of these stocks, offering insights into the overbought zone, RSI, and why understanding stock movement is crucial for investors
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On November 8, Wednesday, 37 stocks ventured into the overbought zone, signaling potential opportunities and risks for investors. This article delves into the concept of Relative Strength Index (RSI) and its role in stock analysis, while spotlighting five stocks that have been riding high on the overbought wave.
The Relative Strength Index (RSI) is an essential technical indicator measuring price movement speed and change. It shows that an RSI above 70 means a stock is trading higher than its underlying value, indicating an overbought condition, while an RSI below 30 suggests an oversold condition.