Red Hill Iron (ASX:RHI) continues to find strong demand from investors, posting a red hot 14-day RSI of 95 as iron ore prices pushed above $US200/tonne 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, May 7:

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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Red Hill has a 40 per interest in the Red Hill joint venture project in WA’s West Pilbara region in partnership with Aquila Steel, part of China’s Baosteel Group.

While the company hasn’t much news flow of late, RHI have risen by almost 200 per cent since late March amid the broader sector tailwinds.

In late April, RHI advised that reverse circulation drilling at the site was scheduled to commence in early May, following some interruptions at the project due to adverse weather conditions.

Two weeks of steady gains were enough to give Peregrine Gold (ASX:PGD) an RSI of 89, and at 38c the new ASX entrant closed on Friday at almost double the value of its March IPO price of 20c.

And biotech Imugene (ASX:IMU) continues to push to new all-time highs, with an RSI reading of 84 over the past 14 days.

The steady gains follow IMU’s announcement on April 21 that its ER-Vaxx cancer vaccine had achieved a clinical milestone in a Phase 2 gastric cancer trial, after the 36-patient trial met its secondary endpoint of improving progression-free survival.
 

Running Cold

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, May 7:

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

Code Company Price RSI MktCap$
PBX Pacific Bauxite 0.003 30 $ 8,355,350.24
PCH Property Connect 0.0015 30 $ 1,028,795.21
ID8 Identitii Limited 0.11 30 $ 18,973,883.88
AOA Ausmon Resorces 0.006 29 $ 4,263,956.06
CAQ CAQ Holdings Ltd 0.018 29 $ 14,355,725.62
WHK Whitehawk Limited 0.16 28 $ 34,061,181.30
NSM Northstaw 0.3 28 $ 13,200,000.00
AAU Antilles Gold Ltd 0.065 27 $ 13,074,490.48
3DA Amaero International 0.51 27 $ 59,876,219.56
BPT Beach Energy Limited 1.31 27 $ 2,897,293,743.12
SNG Siren Gold 0.25 27 $ 15,821,394.42
M8S M8 Sustainable 0.027 27 $ 4,738,503.38
APX Appen Limited 12.31 26 $ 1,431,279,467.66
APT Afterpay Limited 93.44 25 $ 28,797,217,862.50
AHI Adv Human Imag Ltd 1.4 24 $ 205,225,619.69
IXR Ionic Rare Earths 0.026 23 $ 79,909,987.85
IKW Ikwezi Mining Ltd 0.18 22 $ 7,316,995.32
IBX Imagion Biosys Ltd 0.079 15 $ 85,300,215.95
TMS Tennant 0.025 14 $ 8,769,030.36
TOM Tomizone Limited 0.002 13 $ 850,401.35
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Among the stocks running cold this week, the most notable names were two of the ASX’s biggest tech stocks — both market darlings for most of the past five years.

Last week saw a huge rerating in the space, as the ASX IT sector slumped by 10 per cent.

Those falls saw SaaS play Appen (ASX:APX) and BNPL leader Afterpay (ASX:APT) both make a rare appearance on the Running Cold list, with RSI readings of 26 and 25 respectively.

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