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 22:

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

Code Company Price RSI Market Cap
T3D 333D Limited 0.002 99 $ 2,131,992
RDF Redflex Holdings 0.85 94 $ 60,796,224
ANW Aus Tin Mining 0.002 94 $ 5,090,013
SXA Strata-X Energy Ltd 0.2 94 $ 21,266,388
HWK Hawkstone Mng Ltd 0.028 90 $ 42,324,059
NVX Novonix Limited 2.68 89 $ 889,587,562
ASP Aspermont Limited 0.016 87 $ 39,251,131
OEQ Orion Equities 0.2 87 $ 3,562,878
IXR Ionic Rare Earths 0.038 86 $ 92,558,384
SRY Story-I Limited 0.028 86 $ 7,028,419
RNU Renascor Res Ltd 0.027 85 $ 33,314,197
GLB Globe International 5.35 84 $ 217,685,045
VRC Volt Resources Ltd 0.019 81 $ 41,093,734
IRD Iron Road Ltd 0.28 80 $ 215,075,868
EGR Ecograf Limited 0.375 79 $ 152,874,443
PNN PepinNini Minerals 63 79 $ 18,663,132
LPD Lepidico Ltd 0.03 79 $ 171,129,256
LIT Lithium Australia NL 0.17 78 $ 145,996,656
RLE Real Energy Corp 7.4 78 $ 36,850,825
LKE Lake Resources 0.185 78 $ 175,227,905
DTS Dragontail Systems 0.19 78 $ 42,898,269
SPA Spacetalk Ltd 0.18 78 $ 29,749,760
TAS Tasman Resources Ltd 0.068 77 $ 41,557,485
NTU Northern Min Ltd 0.065 76 $ 248,248,039
APH AP Hemp Ltd 0.49 74 $ 28,042,568
AXE Archer Materials 0.82 74 $ 198,120,160
AGY Argosy Minerals Ltd 0.18 72 $ 183,510,385
ASN Anson Resources Ltd 0.093 71 $ 83,470,046
PWN Parkway Minls NL 0.0175 70 $ 28,511,310
VUL Vulcan Energy 7.89 70 $ 685,525,998
BOC Bougainville Copper 0.52 70 $ 242,642,813

Stockhead’s data team counted a total of 31 stocks that recorded a 14-day RSI above 70 this week.

Print technology group 333D Ltd (ASX:T3D), which has the market cap of an inner-west Sydney townhouse (~$2m), popped up at the top of this week’s list with an insane RSI of 99.

That appears to be driven by some unusual price action on Thursday, when the stock doubled and the company responded to a price query from the ASX by saying it had no idea what was going on.

Also running hot this week was RedFlex Holdings (ASX:RDF), which surged on Friday following a takeover offer.

And lithium-ion battery supply company Novonix Limited (ASX:NVX) posted a 14-day RSI of 89, after announcing that its US-based graphite subsidiary has received a $US5.57m R&D grant from the US Department of Energy.

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, January 22:

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

Code Company Price RSI Market Cap
PCH Property Connect 0.0015 29 $ 1,028,795
FTZ Fertoz Ltd 0.05 27 $ 7,766,081
CII CI Resources Limited 0.81 7 $ 93,620,697
RNO Rhinomed Ltd 0.125 28 $ 32,995,187
CYQ Cycliq Group Ltd 0.0025 25 $ 5,759,231
ATU Atrum Coal Ltd 0.23 29 $ 153,872,076
CL8 Carly Holdings Ltd 0.16 27 $ 9,893,697
WWG Wisewaygroupltd 0.175 29 $ 24,555,785
GIB Gibb River Diamonds 0.073 29 $ 16,286,227
SNL Supply Network 4.8 24 $ 203,351,811
AQC Auspaccoal Ltd 0.135 19 $ 6,815,449
CLH Collection House 0.335 16 $ 48,262,375
RNO Rhinomed Ltd 0.125 25 $ 32,995,187
GPS GPS Alliance Ltd 0.042 12 $ 4,954,265
MPH Mediland Pharm 0.054 18 $ 16,889,235