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 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 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:
Gold explorer Horizon Gold (ASX:HRN) topped the list last week with a reading of 89.91. Despite making no major announcements in August, the company was one of many to benefit from rising gold prices during the month amid some volatility in global stock markets.
After starting the month at 18.6c, HRN closed on Friday at 41c for a monthly gain of more than 100 per cent.
It was also a good month for Site Group International (ASX:SIT), the platform which provides skills development and training services for the mining industry.
The company raised $3.75m via two share placements in August and released its full-year results last week, which showed a four per cent gain in annual revenue to $30.9m.
And gas explorer Warrego Energy (ASX:WGO) ran hot last week, closely followed by its joint venture partner Strike Energy (ASX:STX) after the pair announced a major gas discovery at their West Erregulla project in the North Perth Basin.
Demand was running low across a varied cross-section of different sectors, with companies in tech, healthcare and resources all running cold over the past two weeks.
Among the notable moves, struggling tech outfit Speedcast International (ASX:SDA) fell into the bottom three, after slumping last week following the release of its half-year financials.