It was a volatile week on broader markets, but Stockhead still counted 25 companies that posted a 14-day RSI above 70.

Each week, Stockhead recaps ASX stocks that are “running hot” as deduced by the Relative Strength Index (RSI).

The RSI is 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, September 10:

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

Code Company Price RSI MktCap$
AJJ Asian American Medical 0.038 96 $ 13,214,604.65
MHI Merchant House 0.13 94 $ 12,254,644.48
BMR Ballymore Resources 0.34 93 $ 22,872,985.92
VBS Vectus Biosystems 1.8 90 $ 56,979,709.20
CHL Camplifyholdings 2.75 86 $ 76,911,547.80
VIA Viagold Rare Earth 0.14 83 $ 11,663,736.56
NXM Nexus Minerals Ltd 0.265 83 $ 54,934,125.98
EME Energy Metals Ltd 0.325 83 $ 66,050,243.28
A8G Australasian Gold 0.29 82 $ 9,580,258.19
PDN Paladin Energy Ltd 0.86 82 $ 2,182,558,711.44
BMG BMG Resources Ltd 0.085 79 $ 23,359,391.03
LAM Laramide Res Ltd 0.74 78 $ 876,415.30
GGE Grand Gulf Energy 0.027 77 $ 9,977,486.43
RAP Resapp Health Ltd 0.071 77 $ 49,833,430.47
HNR Hannans Ltd 0.0105 75 $ 23,599,771.92
AGE Alligator Energy 0.056 74 $ 150,312,977.69
OKR Okapi Resources 0.635 73 $ 61,952,652.86
BNR Bulletin Res Ltd 0.11 72 $ 12,191,929.03
KEY KEY Petroleum 0.004 72 $ 7,871,712.50
ENR Encounter Resources 0.25 72 $ 75,901,565.52
VMY Vimy Resources Ltd 0.1725 72 $ 178,754,772.03
EMP Emperor Energy Ltd 0.058 71 $ 8,777,701.76
NWE Norwest Energy NL 0.017 70 $ 87,411,551.65
POW Protean Energy Ltd 0.012 70 $ 7,807,355.56
TIG Tigers Realm Coal 0.016 70 $ 209,067,237.89

This week’s list saw some lay-overs from the hottest market themes of weeks gone by, with a number of uranium stocks still running hot enough to post a 14-day RSI above 70.

Topping that group was Paladin Energy (ASX:PDN), which has doubled over the past month and kept tracking higher over the past fortnight to chalk up an RSI rating of 82.

But at the top of this week’s Running Hot list were some more unusual names that have been running hot on little (if any) news.

Among them was Asian American Medical Group (ASX:AAJ), a Singapore-based company that rarely trades and has low volume when it does.

That may have something to do with the fact it posted an outsized RSI rating of 96, based on two double-digit percentage gains on September 3 and September 9.

The company’s website leads to a dead WordPress link, and it last ran hot back in early April after announcing a planned partnership with London’s King’s College Hospital, to set up in dedicated treatment centre for liver disease in China’s Hainan province.

However, those gains were reversed with an even sharper share price decline a few days later.

Another unusual name to post a red-hot RSI above 90 this week was Hong Kong-domiciled textiles and footwear company Merchant House International (ASX:MHI), which also ran hot last week.

The stock has doubled over the past month on thin volumes and no news, and it kept up its recent rally with two more daily gains this week.

MHI last reporting market-moving news in April, when it revealed it had found a local buyer to sell its Chinese textile manufacturing assets for US$20 million.

Rounding out the stocks with an RSI above 90 was Ballymore Resources (ASX:BMR), which had good reason to after the company joined the ASX boards with a red-hot IPO on Friday, September 3.

BMR raised $7m from investors at 20c per share but has traded above 30c since then.

The funds raised will support BMR’s exploration efforts at a portfolio of gold and base metals projects that it holds in Queensland.
 

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, September 10:

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

Code Company Price RSI MktCap$
KEY KEY Petroleum 0.0025 30 $ 4,919,820.32
IDX Integral Diagnostics 4.43 29 $ 878,606,527.05
ZNO Zoono Group Ltd 0.485 29 $ 77,602,972.29
NGS NGS Ltd 0.2 29 $ 9,601,798.50
APV Appsvillage 0.036 29 $ 3,871,394.93
MRR Minrex Resources Ltd 0.014 29 $ 8,372,055.83
NTL New Talisman Gold 0.0025 28 $ 6,980,563.41
PG1 Pearl Global Ltd 0.029 27 $ 13,945,691.46
TGA Thorn Group Limited 0.19 27 $ 66,279,000.45
MVP Medical Developments 3.5 27 $ 252,989,585.60
PVL Powerhouse Ven Ltd 0.075 26 $ 7,105,738.20
RNX Renegade Exploration 0.005 22 $ 5,277,759.83
EDE Eden Inv Ltd 0.017 21 $ 35,455,293.43
MGX Mount Gibson Iron 0.5725 21 $ 671,208,857.07
CII CI Resources Limited 1.01 21 $ 121,360,162.35
JAL Jameson Resources 0.08 20 $ 24,266,551.20
SIT Site Group Int Ltd 0.008 18 $ 7,571,206.14