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, October 8:

Code Company Price RSI MktCap$
VIA Viagold Rare Earth 0.72 99 $ 48,321,194.32
JGH Jade Gas Holdings 0.081 92 $ 40,903,557.31
ITG Intega Group Limited 0.88 88 $ 368,119,514.40
MCE Matrix C & E Ltd 0.2 85 $ 20,464,285.80
SMI Santana Minerals Ltd 0.21 82 $ 22,806,527.20
ADX ADX Energy Ltd 0.0105 80 $ 26,583,175.23
OMH OM Holdings Limited 1.1975 80 $ 856,803,070.92
RXH Rewardle Holding Ltd 0.026 79 $ 6,842,179.34
STM Sunstone Metals Ltd 0.04 78 $ 88,399,505.84
ECT Env Clean Tech Ltd. 0.015 78 $ 18,676,882.88
RVS Revasum 0.63 77 $ 57,037,964.94
PRO Prophecy Internation 0.71 75 $ 48,068,200.50
GLV Global Oil & Gas 0.033 75 $ 28,534,757.16
PHL Propell Holdings Ltd 0.14 74 $ 7,993,651.46
IXU Ixup Limited 0.215 74 $ 180,108,549.06
WAF West African Res Ltd 1.205 74 $ 1,007,648,408.82
AME Alto Metals Limited 0.095 74 $ 40,973,635.98
RDT Red Dirt Metals Ltd 0.77 73 $ 101,463,612.16
ATL Apollo Tourism 0.715 73 $ 139,613,181.00
YAL Yancoal Aust Ltd 3.66 72 $ 4,938,443,494.38
ATS Australis Oil & Gas 0.066 72 $ 78,745,137.19
NXM Nexus Minerals Ltd 0.44 71 $ 93,157,634.98
AKM Aspire Mining Ltd 0.105 71 $ 50,763,698.50
JAY Jayride Group 0.26 71 $ 45,859,907.08
CAD Caeneus Minerals 0.018 71 $ 77,158,891.33
ATC Altech Chem Ltd 0.086 70 $ 106,778,232.84
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Over recent weeks, Hot Money has been tracking the unusual price action in Viagold Rare Earth Resources (ASX:VIA), a thinly traded stock which was the best performer on the ASX in September.

The stock is still rising and has now climbed more than 1,600% since August 27.

The company has backing from Chinese state-owned enterprise Guangdong Rare Earths Industry Group Co, and carries out rare earth refining as well as a car leasing operation in China.

VIA booked net cash operating inflows of $976,000 in the June quarter on receipts of more than $14m.

It finished the quarter with only $577,000 in the bank, due in part to more than $2m of outflows from investing activities, including over $5m of outflows in connection with loans to other entities.

Recent trading history shows VIA didn’t trade on Commsec between March and August. Its daily price gains have occurred on low volumes with a maximum of just 69,050 shares. On some days, less than 100 shares changed hands.

Elsewhere on the list, the formerly named High Grade Metals has returned to the ASX with a new moniker, Jade Gas (ASX:JGH), and a new project — a coalbed methane project in Mongolia.

Fortuitous timing in the midst of a global gas crisis, and investors rewarded the ASX debutante with a solid start to listed life last week.

And another that doesn’t get the narrative shine of zero-carbon lithium or BNPL — engineering services — this week provided two ASX names near the top of the Hot Money list.

Intega Group (ASX:ITG) ran hot in the wake of a takeover from Dutch engineering certification company Kiwa.

And composite specialist Matrix Composites & Engineering (ASX:MCE) is moving onto the investor radar, with strong gains in October on no news.

On September 20, MCE announced a $4.2m contract to “upgrade drilling riser buoyancy for Transocean Ltd, a global offshore drilling contractor headquartered in the United States”.

Shares in the company have now almost doubled since the start of September.
 

Running Cold

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

Code Company Price RSI Market Cap
PCH Property Connect 0.0015 30 $ 1,028,795.21
XTE Xtek Limited 0.265 29 $ 20,600,602.11
PUR Pursuit Minerals 0.036 29 $ 32,795,487.06
RTG RTG Mining Inc. 0.11 29 $ 70,354,531.94
BLY Boart Longyear 3.22 29 $ 923,260,250.64
PPK PPK Group Limited 13.71 29 $ 1,220,584,635.31
XTE Xtek Limited 0.265 29 $ 20,600,602.11
CBE Cobre 0.12 28 $ 14,992,241.25
RGL Riversgold 0.024 28 $ 10,101,054.90
CZL Cons Zinc Ltd 0.023 26 $ 7,232,587.51
EPX Ept Global Limited 0.125 25 $ 15,103,654.80
FEL Fe Limited 0.04 25 $ 33,583,382.24
AQC Auspaccoal Ltd 0.13 18 $ 6,563,025.30
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