Hot Money… Tuesday: The most in-demand stocks on the ASX right now
News
Each week, Stockhead presents a summary of moves in the relative strength index (RSI) for small-cap ASX stocks.
The RSI is a technical price indicator which is calculated on two key factors; the number of days a stock closes higher (or lower) from the previous session, and the size of those daily moves — both measured over a period of two weeks.
For a more detailed recap of how it works, click here.
By presenting the data for stocks with both high and low RSI reading, our Hot Money coverage aims to provide a useful snapshot of which stocks are in favour among investors, and which aren’t.
A reading of 70 is seen as the level at which a company’s been overbought. If a stock has a reading of 30 or below, it may be undervalued. Here’s this week’s list:
For the two-week period ended June 7, a total of 12 stocks recorded RSI readings above 75 — down from 17 the previous Friday.
The index had a new leader last week in Monash IVF Group (ASX: MVF), which registered an RSI of 85.94.
Quite often, a high RSI reading is accompanied by one or more positive market announcements by the company in question. But MVF has provided no updates since May 24, when it issued a change in substantial shareholder notice.
Since that date, the stock has climbed steadily from $1.145 to $1.30. Since it was founded in 2008, MVF has grown via acquisition and currently operates IVF, genetic testing and ultrasound services across Australia and Asia.
Here’s a summary of the stocks that were running hot for the two weeks ended Friday, June 7:
Code | Name | RSI - 2 weeks | Price ($) | Market Cap |
---|---|---|---|---|
MVF | MONASH IVF GROUP LTD | 85.94 | 1.30 | $306,521,664.00 |
MEI | METEORIC RESOURCES NL | 77.93 | 0.02 | $21,336,080.00 |
AIR | ASTIVITA LTD | 77.91 | 0.44 | $23,688,292.00 |
RES | RESOURCE GENERATION LTD | 77.27 | 0.18 | $104,648,464.00 |
MCX | MARINER CORP LTD | 77.07 | 0.05 | $618,213.69 |
MML | MEDUSA MINING LTD | 76.56 | 0.45 | $93,507,432.00 |
PCK | PAINCHEK LTD | 76.17 | 0.15 | $131,549,560.00 |
REF | REVERSE CORP LTD | 75.46 | 0.04 | $3,714,422.50 |
VRT | VIRTUS HEALTH LTD | 75.24 | 4.13 | $332,004,480.00 |
JRL | JINDALEE RESOURCES LTD | 75.20 | 0.33 | $11,548,276.00 |
RND | RAND MINING LTD | 75.04 | 3.03 | $182,249,872.00 |
PPK | PPK GROUP LTD | 75.01 | 2.65 | $215,678,400.00 |
There were 21 stocks with an RSI below 25, up from 20 the week prior.
Perhaps not surprisingly, Dacian Gold (ASX: DCN) was icy cold with an RSI reading of just 9.59.
The stock was the worst performer on the ASX last week, after the company announced a production downgrade at its WA gold mine.
Also running cold was investment advisory company Evans Dixon (ASX: ED1), which fell to $1.02 from $1.60 at the start of April and posted an RSI of 10.65.
Here’s a summary of the stocks that were running cold for the two weeks ended Friday, June 7:
Code | Name | RSI - 2 weeks | Price ($) | Market Cap |
---|---|---|---|---|
GMN | GOLD MOUNTAIN LTD | 24.90 | 0.05 | $26,386,394.00 |
ICU | ISENTRIC LTD | 24.87 | 0.01 | $1,101,930.25 |
TPC | TPC CONSOLIDATED LTD | 24.51 | 0.60 | $6,741,368.00 |
AMT | ALLEGRA ORTHOPAEDICS LTD | 24.46 | 0.08 | $7,865,165.00 |
MYQ | MYFIZIQ LTD | 24.40 | 0.16 | $14,526,169.00 |
XST | XSTATE RESOURCES LTD | 23.54 | 0.00 | $2,280,981.75 |
BLT | BENITEC BIOPHARMA LTD | 22.05 | 0.12 | $30,843,532.00 |
EMB | EMBELTON LTD | 22.03 | 10.50 | $22,657,424.00 |
LNG | LIQUEFIED NATURAL GAS LTD | 21.85 | 0.26 | $148,671,168.00 |
GTN | GTN LTD | 20.80 | 1.07 | $239,680,016.00 |
LAA | LATAM AUTOS LTD | 20.58 | 0.06 | $26,361,490.00 |
JHC | JAPARA HEALTHCARE LTD | 19.33 | 1.25 | $335,395,392.00 |
GSM | GOLDEN STATE MINING LTD | 19.09 | 0.06 | $2,175,072.00 |
LHB | LIONHUB GROUP LTD | 18.63 | 0.01 | $5,784,448.00 |
AIY | AUTHORISED INVESTMENT FUND LTD | 17.13 | 0.04 | $17,302,712.00 |
LMW | LANDMARK WHITE LTD | 17.02 | 0.18 | $15,324,140.00 |
ACW | ACTINOGEN MEDICAL LTD | 16.97 | 0.01 | $12,311,545.00 |
DAF | DISCOVERY AFRICA LTD | 14.13 | 0.01 | $1,093,408.25 |
ED1 | EVANS DIXON LTD | 10.65 | 1.01 | $236,036,752.00 |
SUR | SUN RESOURCES NL | 10.18 | 0.00 | $881,057.56 |
DCN | DACIAN GOLD LTD | 9.59 | 0.44 | $99,313,896.00 |