Starting August 7, 2024, two stocks from the communications services sector could serve as a real warning to investors for whom momentum is an important criterion in their trading decisions.

The RSI is a momentum indicator that compares a stock’s strength on days when prices are up versus its strength on days when prices are down. When compared to a stock’s price history, it can give traders a better sense of how a stock might perform in the short term. According to Benzinga Pro, an asset is typically considered overbought when the RSI is above 70.

Here is the latest list of major overbought players in this sector.

Marchex Inc MCHX

• Marchex will release its second quarter 2024 financial results on August 8, 2024. The company’s stock gained about 31% over the past month, reaching a 52-week high of $1.99.
• RSI value: 73.19
• MCHX Price Action: Marchex shares rose 2.8% on Tuesday to close at $1.86.

Lumen Technologies Inc LUMN

• On August 6, Lumen Technologies reported quarterly losses of 13 cents per share, below the analyst consensus estimate of 6 cents per share. Quarterly revenue was $3.268 billion, beating the analyst consensus estimate of $3.246 billion by 0.69%. “Rising demand for AI requires better connectivity between data centers, and Lumen’s world-class fiber optic network and cutting-edge digital services position us to drive the AI ​​growth wave,” said Kate Johnson, president and CEO of Lumen Technologies. “We are confident in our future growth and business transformation as we look to drive the AI ​​economy forward.” The company’s stock gained about 372% in the past month, hitting a 52-week high of $5.30.
• RSI value: 89.54
• LUMN price promotion: Lumen Technologies shares rose 93.1% to close at $5.00 on Tuesday.

Read more: