Stockhead’s data team counted three stocks that ran red-hot with a 14-day RSI above 90 over the Christmas/New Year period.

Each Monday, Stockhead recaps the ASX stocks that are running hot with investors.

The analysis is based on the Relative Strength Index (RSI), a technical gauge which measures how trading momentum is affecting the price action.

A reading of 70 is seen as the level at which a company may have been overbought. If a stock has a reading of 30 or below, it could be undervalued.

Click here for a more detailed rundown of what the RSI does and how it’s used.

While there’s usually a pretty good reason if a given stock is running hot (or cold), investors are also on the lookout for opportunities where the price action has separated from fundamentals.

Running Hot

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, January 8:

Scroll or swipe to reveal table. Click headings to sort.

Code Company Price RSI Market Cap
EGY Energy Tech Ltd 0.15 97.22 19,667,640
CXO Core Lithium 0.225 92.32 209,880,367
NWE Norwest Energy NL 0.008 90.28 28,406,802
SLX Silex Systems 1.51 88.53 200,410,113
SOR Strategic Elements 0.33 87.34 115,405,867
CHK Cohiba Min Ltd 0.043 86.77 57,326,543
COY Coppermoly Limited 0.024 82.44 25,526,568
DOR Doriemus PLC 0.06 81.77 2,319,325
LIO Lion Energy Limited 0.042 80.53 8,710,875
KTE K2 Energy Ltd 0.057 79.17 13,529,572
DVN Devine Limited 0.18 77.41 30,158,806
LPD Lepidico Ltd 0.0175 77.31 93,343,231
AAU Antilles Gold Ltd 0.092 77.09 17,953,032
VKA Viking Mines Ltd 0.047 75.03 19,325,020
SRY Story-I Limited 0.02 73.87 6,288,585
PUR Pursuit Minerals 0.032 73.37 25,009,503
CLT Cellnet Group 0.12 73.37 25,586,204
XST Xstate Resources 0.008 73.33 10,867,445
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NSW-based power company Energy Technologies (ASX:EGY) rose steadily after coming out of a trading halt on December 18 and flagged a successful $1.8m share placement, followed by a board restructure announcement on December 24.

Also near the top of the Running Hot list was Core Lithium (ASX:CXO), which ripped higher over the holiday period.

CXO responded to an ASX price query by announcing that China-based company Yahua, its largest shareholder, had signed a binding five-year deal to supply EV maker Tesla with 75,000 tonnes per annum of lithium spodumene concentrate.

And junior gas explorer Norwest Energy (ASX:NWE) also posted a hot 13-day RSI reading of 90.28 over the break.

The company is developing the Lockyer Deep-1 well off the coast of WA with its partner company — the $7.5bn Mineral Resources (ASX:MIN). NWE shares ticked higher to 0.8 cents over the last two weeks on no news.

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, January 8:

Scroll or swipe to reveal table. Click headings to sort.

Code Company Price RSI Market Cap
SAN Sagalio Energy Ltd 0.03 16 $ 6,753,784.29
NUC Nuchev Limited 1.28 23 $ 48,657,600.00
CAP Carpentaria Resource 0.054 16 $ 16,074,891.72
IXR Ionic Rare Earths 0.027 24 $ 71,749,587.36
DVN Devine Limited 0.13 29 $ 20,634,972.28
GES Genesis Resources 0.013 18 $ 10,176,936.82
MEM Memphasys Ltd 0.105 28 $ 79,251,257.40
AND Ansarada Group Ltd 1.25 18 $ 103,965,413.12
SEG Sports Ent Grp Ltd 0.2 18 $ 46,220,211.20
MTB Mount Burgess Mining 0.008 22 $ 5,281,190.39
GIB Gibb River Diamonds 0.083 27 $ 17,555,283.94
CUE CUE Energy Resource 0.084 26 $ 53,057,098.72
OVT Ovato Limited 0.008 26 $ 69,862,498.02
MSB Mesoblast Limited 2.46 30 $ 1,480,718,685.60
AQC Auspaccoal Ltd 0.14 28 $ 8,077,569.60
ESR Estrella Res Ltd 0.08 29 $ 70,161,954.80
NET Netlinkz Limited 0.05 22 $ 124,407,429.20
AHF Aust Dairy Group 0.064 29 $ 27,341,401.98
MPH Mediland Pharm 0.056 16 $ 17,514,762.16
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