Funds management administration company Mainstream Group (ASX:MAI) topped the Running Hot list with a 14-day RSI of 92 this week.

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 look out 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, April 30:

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

Code Company Price RSI MktCap$
MAI Mainstream Group 2.38 92 $ 310,701,240.00
RHI Red Hill Iron 0.68 87 $ 40,717,141.32
ATL Apollo Tourism 0.52 86 $ 93,075,454.00
ZER Zeta Resources Ltd 0.38 83 $ 109,362,589.82
PPK PPK Group Limited 8.00 83 $ 652,749,642.69
FIN FIN Resources Ltd 0.042 81 $ 13,126,114.71
LCK Leigh Crk Energy Ltd 0.26 80 $ 165,537,378.16
VMS Venture Minerals 0.1 79 $ 132,068,196.96
GES Genesis Resources 0.012 79 $ 9,394,095.53
SRK Strike Resources 0.305 78 $ 69,197,595.04
5GG Pentanet 1.09 77 $ 182,369,888.48
LRS Latin Resources Ltd 0.074 76 $ 77,214,128.99
JHC Japara Healthcare Lt 0.975 75 $ 213,797,862.40
ARV Artemis Resources 0.12 74 $ 119,360,253.29
ADD Adavale Resource Ltd 0.073 74 $ 18,642,909.68
C6C Copper Mountain 4.58 74 $ 78,803,236.20
RGL Riversgold 0.068 74 $ 26,369,784.94
VXR Venturex Resources 0.685 72 $ 277,220,110.20
POD Podium Minerals 0.43 72 $ 126,163,656.90
HXG Hexagon Energy 0.15 72 $ 58,447,528.65
CST Castile Resources 0.3 72 $ 57,915,935.09
RXH Rewardle Holding Ltd 0.027 71 $ 16,842,287.62
CUL Cullen Resources 0.036 71 $ 11,217,529.71
FAU First Au Ltd 0.024 71 $ 13,521,832.59
ADO Anteotech Ltd 0.415 71 $ 749,615,519.60
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Mainstream Group is in demand, and with good reason.

The stock appeared near the top of the Hot Money list two weeks ago, following a bid by investment management software company SS&C.

The funds services company — which provides administration services to more than 1,300 funds globally — confirmed that a $2.55 per share offer from Apex Group was superior to a previous offer it had provisionally accepted from SS&C Solutions Pty Ltd.

MAI is now in the enviable position of putting the ball back in SS&C’s court, having set out a deadline of May 6 for SS&C to match or exceed the offer.

Running Cold

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, April 30:

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

Code Company Price RSI MktCap$
PCH Property Connect 0.0015 30 $ 1,028,795.21
AUL Austar Gold Ltd 0.275 29 $ 15,231,260.24
KTE K2 Energy Ltd 0.019 28 $ 6,614,457.32
CLB Candy Club 0.175 28 $ 63,326,453.68
WHK Whitehawk Limited 0.2 27 $ 48,821,026.53
AEI Aeris Environmental 0.185 26 $ 54,861,263.33
CBR Carbon Revolution 1.7 25 $ 230,877,892.47
WRM White Rock Min Ltd 0.465 25 $ 35,626,569.16
EOF Ecofibre Limited 0.92 25 $ 315,613,970.73
TYM Tymlez Group 0.021 23 $ 6,716,848.03
YFZ Youfoodz 0.48 23 $ 67,946,471.34
TPS Threat Protect Ltd 0.03 23 $ 7,228,688.34
BPT Beach Energy Limited 1.33 23 $ 3,832,640,542.08
CR9 Corellares 0.046 22 $ 15,167,994.38
MYD Mydeal.Com.Au 0.72 19 $ 194,120,479.50
IBX Imagion Biosystems 0.09 18 $ 114,427,118.96
CPT Cipherpoint Limited 0.032 18 $ 7,095,614.00
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