Hot Money Monday: The most in-demand stocks on the ASX right now
Each Monday, Stockhead recaps which stocks are heavily demanded by investors – or running hot.
Stockhead uses 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 have been could be oversold.
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.
Here is this week’s list:
Some of stocks on this list released annual earnings including Baby Bunting (ASX:BBN) and McPhersons (ASX:MCP).
But the hottest stock was AJ Lucas (ASX:AJL). A gas field in the UK which it had part-ownership of resumed fracking.
As if that was not good enough, the UK government set the record straight that it realised gas was an important energy source.
Biotech Race Oncology (ASX:RAC) has been surging because of a major investor buying into the company.
This company is undertaking clinical trials against a rare cancer utilising a drug that had been ‘forgotten’ in a big pharma merger.
Warrego Energy (ASX:WGO) continued to excite investors with its gas exploration in the Perth Basin.
Bowen Coking Coal (ASX:BCB) announced a 67 per cent increase in its JORC resource estimate and it has also been running hot in the last fortnight.
The coldest stock was 8IP (ASX:8EC) as it undertook its asset sale and distribution plan.
Monash IVF (ASX:MVF) began to run cold mid-last week after five doctors who referred their patients to the company would not anymore because they were setting up their own shop.
Australian Pacific Coal (ASX:AQC) was heavily sold after it was denied a five-year extension to its coal mine.
Casino operator Donaco (ASX:DNA) had another legal setback in Cambodia, placing it on this fortnight’s running cold list.