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Hot Money Monday: Oneview chalks up an RSI of 88 in the wake of investment research deal
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Medtech company Oneview Health (ASX:ONE) led 25 stocks that chalked up a 14-day RSI above 70 this week, up slightly from 22 in the week prior.
Stockhead’s Hot Money Monday 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 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, March 18:
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | RSI | Market Cap |
|---|---|---|---|---|
| ONE | Oneview Healthcare | 0.34 | 88 | $ 93,480,155.56 |
| INV | Investsmart Group | 0.2 | 84 | $ 27,707,907.00 |
| MCA | Murray Cod Aust Ltd | 0.305 | 81 | $ 169,519,467.30 |
| VGL | Vista Group Int Ltd | 2.07 | 80 | $ 459,515,772.12 |
| CLV | Clover Corporation | 1.81 | 79 | $ 274,411,671.60 |
| RNU | Renascor Res Ltd | 0.125 | 78 | $ 224,870,827.59 |
| IDT | IDT Australia Ltd | 0.26 | 78 | $ 44,444,337.84 |
| MGH | Maas Group Holdings | 3.3 | 78 | $ 876,970,425.88 |
| SPA | Spacetalk Ltd | 0.18 | 77 | $ 18,191,958.95 |
| IVZ | Invictus Energy Ltd | 0.1475 | 77 | $ 61,671,977.51 |
| ACB | A-Cap Energy Ltd | 0.065 | 77 | $ 58,416,286.02 |
| CKF | Collins Foods Ltd | 11.12 | 77 | $ 1,291,720,183.52 |
| VLS | Vita Life Sciences | 1.19 | 75 | $ 64,358,308.28 |
| E25 | Element 25 Ltd | 2.6 | 74 | $ 313,018,066.64 |
| TOE | Toro Energy Limited | 0.03 | 74 | $ 85,662,053.65 |
| JAY | Jayride Group | 0.17 | 73 | $ 20,867,895.08 |
| QEM | QEM Limited | 0.155 | 72 | $ 15,500,000.00 |
| IDZ | Indoor Skydive Aust | 2.3 | 72 | $ 8,080,802.38 |
| KIS | King Island | 0.33 | 72 | $ 100,304,933.68 |
| NWC | New World Resources | 0.079 | 72 | $ 97,327,020.17 |
| PVL | Powerhouse Ven Ltd | 13 | 70 | $ 9,693,519.90 |
| ANL | Amani Gold Ltd | 0.0015 | 70 | $ 21,573,993.49 |
| BEL | Bentley Capital Ltd | 0.1 | 70 | $ 7,308,280.13 |
| SRK | Strike Resources | 0.25 | 70 | $ 60,547,895.66 |
| DEG | De Grey Mining | 1.14 | 70 | $ 1,502,093,986.07 |
Oneview Health is running hot in the wake of an interesting month of activity in March highlighted by a shared-based deal with investment research group, StocksDigital, to put coverage on the stock.
ONE shares recorded an RSI of 73 last week but by this week that number had jumped to 88.
Shares in ONE have risen for eight of the last nine trading days (including a 100pc surge on March 12 accompanying the StocksDigital announcement) — during which time the stock has rallied from 7.2c to 37.5c.
Running Cold
Here’s a summary of the stocks that were running hot for the two weeks ended Friday, March 18:
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | RSI | Market Cap |
|---|---|---|---|---|
| MHI | Merchant House | 0.046 | 30 | $ 4,336,258.82 |
| CHK | Cohiba Min Ltd | 0.017 | 29 | $ 23,637,875.30 |
| NUC | Nuchev Limited | 0.89 | 29 | $ 33,865,689.60 |
| MEM | Memphasys Ltd | 0.06 | 28 | $ 45,586,432.80 |
| BMG | BMG Resources Ltd | 0.068 | 28 | $ 16,799,416.06 |
| SPT | Splitit | 1.00 | 28 | $ 456,710,520.00 |
| BLY | Boart Longyear | 0.48 | 27 | $ 42,485,664.00 |
| ESR | Estrella Res Ltd | 0.059 | 27 | $ 53,575,642.72 |
| EM1 | Emerge Gaming Ltd | 0.037 | 27 | $ 32,827,161.51 |
| M8S | M8 Sustainable | 0.04 | 26 | $ 7,020,005.00 |
| YFZ | Youfoodz | 0.71 | 26 | $ 91,418,364.96 |
| GSN | Great Southern | 0.058 | 26 | $ 27,301,225.20 |
| AEI | Aeris Environmental | 0.235 | 26 | $ 57,299,541.70 |
| MAG | Magmatic Resrce Ltd | 0.105 | 25 | $ 19,296,113.87 |
| PVE | Po Valley Energy Ltd | 0.03 | 25 | $ 19,418,583.09 |
| DOC | Doctor Care Anywhere | 100 | 25 | $ 179,038,669.00 |
| TPS | Threat Protect Ltd | 0.042 | 24 | $ 10,120,163.68 |
| AKG | Academies Aus Grp | 0.26 | 23 | $ 33,179,761.42 |
| OXX | Octanex Ltd | 0.015 | 11 | $ 3,642,357.60 |
| FZR | Fitzroy River Corp | 0.12 | 10 | $ 14,897,353.84 |
Among the notable names on the Running Cold list was BNPL player Splitit (ASX:SPT), which recorded an RSI of 27 amid a consistent selling trend over the past month.
Accompanying the broader move lower across the sector, SPT shares have fallen from $1.50 on February 10 to a Friday close of 93c — a fall of around 40 per cent.
On February 9, Splitit issued a ‘Notice of ceasing to be a substantial holder’ after co-founder Alon Feit sold 13,300,000 shares on-market at $1.47, for a nominal return of $19,551,000.
