ASX investors got dual-diagnosed (by Stockhead) last week with a case of both magnesium madness and hydrogen fever — and that was also reflected in the type of stocks populating the upper echelons of this week’s Hot Money list.

Clean energy, virtual/augmented reality and cryptocurrency were also topical themes of note.

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, November 12:

Code Company Price RSI MktCap$
LMG Latrobe Magnesium 0.15 93 $ 186,549,032.54
ECT Env Clean Tech Ltd. 0.046 89 $ 46,069,644.43
A1M AIC Mines Ltd 0.42 89 $ 128,116,732.47
SPQ Superior Resources 0.023 87 $ 33,062,765.45
RNE Renu Energy Ltd 0.11 81 $ 13,940,106.92
MEP Minotaur Exploration 0.195 81 $ 90,241,046.64
PH2 Pure Hydrogen Corp 0.74 80 $ 233,837,517.94
VR1 Vection Technologies 0.1825 80 $ 165,364,919.36
TMB Tambourahmetals 0.315 79 $ 11,745,028.71
KIS King Island 0.185 79 $ 89,458,443.20
CPT Cipherpoint Limited 0.041 79 $ 11,930,538.55
CHN Chalice Mining Ltd 9.83 78 $ 3,532,911,181.80
CDT Castle Minerals 0.03 77 $ 25,500,994.88
HMD Heramed Limited 0.265 75 $ 39,867,452.55
CTT Cettire 4.39 75 $ 1,563,076,702.00
FBR FBR Ltd 0.058 74 $ 130,188,461.43
RFT Rectifier Technolog 0.053 73 $ 67,370,293.40
POD Podium Minerals 0.445 73 $ 124,263,279.96
DCC Digitalx Limited 0.1525 73 $ 103,942,165.46
MGU Magnum Mining & Exp 0.1 73 $ 47,228,766.83
MQR Marquee Resource Ltd 0.135 72 $ 20,182,816.68
SPN Sparc Tech Ltd 1.785 72 $ 99,888,617.85
LOM Lucapa Diamond Ltd 0.082 71 $ 96,268,278.73
RAN Range International 0.017 71 $ 15,346,629.10
BLX Beacon Lighting Grp 2.73 71 $ 594,034,939.96
DEV Devex Resources Ltd 0.415 70 $ 118,516,077.30
DME Dome Gold Mines Ltd 0.23 70 $ 73,849,351.28
SHG Singular Health 0.28 70 $ 16,496,837.91
KSN Kingston Resources 0.245 70 $ 67,246,320.90

If you’d closed out the 2021 financial year by popping a few bob on Latrobe Magnesium (ASX:LMG) at 1.6c, you would have assumed 10-bagger status with last Friday’s close of 16c.

Magnesium prices are on the move as China cuts supply, and LMG has executed a number of moves in recent times to advance the construction of its 10,000topa magnesium plant in the Latrobe Valley, Victoria.

Latrobe Magnesium capped things off on Friday with an oversubscribed $11.5m placement, with discussions also ongoing around future off-take agreements (good enough for a 14-day RSI of 93).

Also running hot was Environmental Clean Technologies (ASX:ECT), which doubled last week after breaking out of its long-term trading range between 1-2c.

The company has a number of clean energy technologies under development in lignite, hydrogen and waste conversion, and ECT shares ramped by another 32% on Friday to finish the week at 4.9c.

Explorer Superior Resources (ASX:SPQ) was also on the move (on no news), as investors eye the company’s capacity to get its 122,00oz ‘Steam Engine’ gold project in Queensland into production.

As Stockhead’s Reuben Adams highlighted last week, cash generated from Steam Engine could help fund an aggressive exploration push by SPQ across the wider ‘Greenvale’ project encompassing copper, gold, and nickel.

Not surprisingly, two hydrogen stocks also made the Top 10 of this week’s list.

Investment company Renu Energy (ASX:RNE) ripped higher following its share-based acquisition of a hydrogen development company.

Shares in Pure Hydrogen (ASX:PH2) have more than tripled since the middle of September, and this week the stock surged again after the company announced it’s signed a term sheet to participate in the construction of three waste-to-hydrogen plants on Australia’s east coast.

Also breaking out this week was the ASX’s only pure-play virtual/augmented reality stock, Vection Technologies (ASX:VR1) which surged higher last week following a trading update where it flagged $8m in total contract value — a 58% lift compared to the Sep-21 quarter — underpinned by “strong growth across the Defence, Military & Law Enforcement and AEC & Real Estate sectors”.

And fintech platform DigitalX (ASX:DCC), which has 215 Bitcoin on its balance sheet, closed the week at a multi-year high of 15c.

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, November 12:

Code Company Price RSI Market Cap
MHK Metalhawk 0.36 30 $20,345,619
PCH Property Connect 0.0015 29 $1,028,795
MOQ MOQ Limited 0.18 29 $34,300,155
PPK PPK Group Limited 11.44 29 $1,035,755,799
CAG Caperangeltd 0.22 29 $19,930,743
GPR Geopacific Resources 0.24 27 $124,619,195
CUV Clinuvel Pharma 31.89 27 $1,579,648,506
PNV Polynovo Limited 1.465 27 $988,775,126
APE Eagers Automotive 13.38 27 $3,532,830,208
TTB Total Brain Ltd 0.135 26 $18,007,803
DOR Doriemus PLC 0.1425 25 $17,447,985
AR9 Archtis Limited 0.24 25 $61,922,645
BPH BPH Energy Ltd 0.046 24 $31,251,211
SZL Sezzle Inc 4.51 24 $893,629,476
VUK Virgin Money Uk PLC 3.13 23 $2,750,554,338
PPH Pushpay Holdings Ltd 1.405 22 $1,732,578,129
DUG DUG Tech 0.67 22 $82,686,370
GAP Gale Pacific Limited 0.27 20 $76,008,087
TNY Tinybeans Group Ltd 0.67 18 $31,708,737
RTE Retech Tech Co. Ltd 0.25 13 $58,228,158

Among the stocks running cold this week was diversified technology company PPK Group (ASX:PPK), which after hitting a gain of 10,000% above $21 in August, has now lost almost 50% of its value to close on Friday just above $12.