Hot Money Monday: The most in-demand stocks on the ASX right now
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Each Monday, Stockhead recaps which stocks are heavily demanded by investors – or running hot.
Stockhead uses the Relative Strength Index (RSI), a measurement of comparative buying and selling momentum.
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 is considered oversold and could be undervalued.
Click here for the first edition of Hot Money, which includes a more detailed description of what the RSI does and how it’s used.
The hottest stock is Silver Mines (ASX: SVL). The only major news out of the company in the last night was its quarterly where it reminded shareholders its environmental impact statement was nearing completion and drilling results were positive.
Second is Pacific Energy (ASX: PEA) which is currently contemplating a takeover offer. Another that is in a similar situation is content company Wellcom (ASX: WLL) – no, it’s not that Hong Kong telco.
Warrego Energy (ASX: WGO) has been running hot since it hit significant gas intersections last month and another update last week kept it in demand.
Lionhub (ASX: LHB) is still anchored at the bottom of this list. One new stock we still noticed was Emu (ASX: EMU), which released a quarterly that resulted in the ASX asking if it thought its financial condition was adequate to be listed.
Actinogen Medical (ASX: ACW) also languishes on this list three months after its drug failed its clinical trial – yes, it was safe but it did not work. Judging by its wipeout since then, that’s all investors cared about.
After more than doubling in June, Brainchip (ASX: BRN) has fallen back to its May levels after a quarterly showing weak revenue.