Mining minnow Accent Resources led 27 small caps with a 14-day RSI above 70 or above this week, a multi-week high and up from 23 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, December 4:

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

Code Company Price RSI MktCap$
ACS Accent Resources NL 0.018 99 $ 3,258,004.19
OXX Octanex Ltd 0.021 98 $ 5,726,971.89
CPH Creso Pharma Ltd 0.105 95 $ 66,776,586.45
AMT Allegra Orthopaedics 0.37 92 $ 20,891,840.60
CAU Cronos Australia 0.16 87 $ 6,807,500.00
RHY Rhythm Biosciences 0.87 86 $ 149,106,900.14
CSE Copper Strike Ltd 0.1 86 $ 10,684,481.00
PTG Proptech Group 0.4 85 $ 19,732,012.42
CXO Core Lithium 0.087 84 $ 87,501,068.25
VKA Viking Mines Ltd 0.029 81 $ 9,097,817.82
WPP WPP Aunz Ltd 0.57 80 $ 481,465,806.55
SRN Surefire Rescs NL 0.051 79 $ 37,244,210.64
PEK Peak Resources 0.073 78 $ 114,659,087.69
JRV Jervois Mining 0.4 78 $ 308,471,876.70
ROO Roots Sustainable 0.028 78 $ 8,179,012.15
NMR Native Mineral Res 0.365 77 $ 9,796,590.00
SI6 SI6 Metals Limited 0.0165 76 $ 16,639,000.07
PUR Pursuit Minerals 0.021 76 $ 15,447,046.08
SNG Siren Gold 0.75 76 $ 41,366,279.50
SNS Sensen Networks Ltd 0.135 76 $ 62,215,692.57
IHR intelliHR Limited 0.365 75 $ 98,419,238.31
NCL Netccentric Ltd 0.074 74 $ 19,425,000.00
APH AP Hemp Ltd 0.38 74 $ 21,873,203.04
FEX Fenix Resources Ltd 0.22 73 $ 82,574,923.20
XF1 Xref Limited 0.37 72 $ 62,826,357.14
GWR GWR Group Ltd 0.225 72 $ 53,240,762.64
BLU Blue Energy Limited 0.084 70 $ 116,941,661.14

There were 27 small caps with a 14-day RSI above 70 or above this week, a multi-week high and up from 23 in the week prior.

$3.26m mining minnow Accent Resources (ASX:ACS) has spent a fair chunk of 2020 in a trading halt.

Shares in the company jumped on December 2 after it announced the conversion of a convertible note by Rich Mark Development Group at 2c per share — a premium to ACS’ recent trading price of 1c.

The conversion will see Rich Mark’s shareholding in the company increase from 15.6 per cent to 67.2 per cent.

Energy nanocap Octanex (ASX:OXX) also ran hot over the past two weeks on the back of little-to-no news flow.

Two other companies posted a 14-day RSI above 90, generally considered to be ‘red-hot’.

Allegra Orthopaedics (ASX:AMT) ripped higher after announcing successful bench testing of its Spinal Cage device at the Kolling institute in the USA.

And shares in Creso Pharma (ASX:CPH) have risen more than 200pc over the past two weeks, after flagging strong growth into European markets for its anibidiol medicinal cannabis products.

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, December 4:

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

Code Company Price RSI MktCap$
APG Austpac Resources NL 0.10 15 $ 3,165,662.96
STK Strickland Metals 6.00 31 $ 25,206,091.26
MCP McPherson's Ltd 136 21 $ 179,764,844.00
SER Strategic Energy 3.90 27 $ 6,240,008.03
PCH Property Connect 0.15 29 $ 1,028,795.21
AJL AJ Lucas Group 3.00 25 $ 34,692,312.42
KPE Kina Petroleum Corp 0.33 8 $ 4,761,380.63
BLY Boart Longyear 31.5 26 $ 29,208,894.00
PDZ Prairie Mining Ltd 17.00 28 $ 45,671,017.80
MHI Merchant House 4.20 11 $ 4,619,058.30
SUH Southern Hem Min 2.70 24 $ 4,399,915.63
AOA Ausmon Resorces 0.60 28 $ 4,083,956.06
CRS Caprice Resources 27.00 26 $ 16,910,874.20
5GN 5G Networks Limited 1.37 26 $ 157,438,821.02
NUC Nuchev Limited 108.5 21 $ 42,585,899.40
ARC Aust Rural Cap Ltd 31.00 4 $ 4,013,334.40