GME Resources piled in to Stockhead’s count of 23 stocks with a 14-day RSI above 90 this week, down from 31 in the week prior.

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 29:

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

Code Company Price RSI Market Cap
RDF Redflex Holdings 0.88 93 $ 132,231,787
HWK Hawkstone Mng Ltd 0.05 90 $ 81,624,971
RLT Renergen Limited 2.26 85 $ 26,456,251
PTX Prescient Ltd 0.13 84 $ 83,271,891
GME GME Resources Ltd 0.13 82 $ 47,333,689
MNS Magnis Energy Tech 0.34 82 $ 273,752,240
AWN AWN Holdings Limited 1.40 81 $ 57,111,983
TMH The Market Herald 0.50 80 $ 94,884,170
ENA Ensurance Ltd 0.02 80 $ 11,990,081
CXL Calix Limited 1.62 80 $ 201,971,616
MGT Magnetite Mines 0.03 78 $ 88,546,948
ELT Elementos Limited 0.02 78 $ 38,955,917
MNB Minbos Resources Ltd 0.10 78 $ 35,117,500
MRQ Mrg Metals Limited 0.02 77 $ 23,283,674
CG1 Carbonxt Group 0.25 77 $ 32,618,548
FSG Field Solu Hldgs Ltd 0.06 76 $ 28,288,184
RNU Renascor Res Ltd 0.04 75 $ 66,628,393
XST Xstate Resources 0.01 75 $ 12,678,686
BPH BPH Energy Ltd 0.20 74 $ 140,075,371
IBG Ironbark Zinc Ltd 0.03 73 $ 23,513,803
PWN Parkway Minls NL 0.02 71 $ 41,816,588
ZEU Zeus Resources Ltd 0.03 71 $ 4,683,900
LKE Lake Resources 0.32 70 $ 315,410,229

Traffic camera company Redflex Holdings (ASX:RDF) chalked up a 14-day RSI above 90, perhaps not surprising after the takeover offer it received last week at a 130 per cent premium.

Also running hot was Hawkstone Mining (ASX:HWK), which ripped higher after initial metallurgical test work achieved 90 per cent lithium recoveries at the company’s Big Sandy sedimentary lithium project in Arizona.

And we’d be remiss if we didn’t mention GME Resources (ASX:GME), which shares the same ticker with GameStop and hitched a ride on the GME gravy train before telling the ASX it wasn’t aware of any news to report…other than possessing the GME code.

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, January 29:

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

Code Company Price RSI Market Cap
PKD Parkd Ltd 0.029 30 $ 2,179,350
VTI Vision Tech, Inc 0.017 30 $ 16,893,335
BIS Bisalloy Steel 1.23 30 $ 56,091,239
RAP Resapp Health Ltd 0.068 29 $ 59,133,320
MPH Mediland Pharm 0.056 28 $ 16,889,235
WOA Wide Open Agricultur 0.79 28 $ 71,973,001
MXI MaxiTRANS Industries 0.25 28 $ 48,119,670
RXL Rox Resources 0.034 27 $ 67,644,339
FTZ Fertoz Ltd 0.05 27 $ 7,766,081
EM1 Emerge Gaming Ltd 0.053 26 $ 46,386,965
TYM Tymlez Group 0.046 25 $ 14,309,807
TYM Tymlez Group 0.046 25 $ 14,309,807
ZNO Zoono Group Ltd 1.01 25 $ 193,652,994
CLH Collection House 0.35 19 $ 48,972,116
AQC Auspaccoal Ltd 0.135 19 $ 6,815,449
STN Saturn Metals 0.43 11 $ 48,809,030
SRH Saferoads Holdings 0.24 10 $ 8,990,828