Hot Money Monday: The most in-demand stocks on the ASX right now
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Each week, Stockhead provides a summary of outliers 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 the first edition of Hot Money, which includes a more detailed description of what the RSI does and how it’s used.
Markets continue to like the look of mining-focused training education platform Site Group International (ASX:SIT), which topped the 14-day hot money readings after coming in at second place the previous week.
The company made no new announcements last week but investors sent the stock up to a new high of 7.5c, after the company raised money and released its full-year trading results in August.
Elsewhere, there were some new names at the top of the list as gym owner Viva Leisure (ASX:VVA) ran hot with a two-week RSI of 87.17.
Shares in Viva Leisure rose sharply at the end of August after it released full-year profit results which came in ahead of its prospectus forecasts. The company listed on the ASX in June.
And another health play, Total Brain (ASX:TTB), rounded out the top three after finding momentum in the wake of an integration deal with global tech giant IBM.
The company said its SaaS platform would be embedded as a core function in IBM’s THRIVE360° of Mental Fitness platform, sending Total Brain’s stock price to the highest level since February.
Here’s a summary of the stocks that were running hot for the two weeks ended Friday, September 6:
It was a rough week for Integrated Green Energy Solutions (ASX:IGE), which operates a patented conversion technology that converts plastic to fuels.
The selling followed an announcement on August 30 regarding construction at the company’s fuel conversion facility in Amsterdam.
After measuring an RSI reading of 20.64 last week, IGE fell to a measure of 11.91 last week.
Here’s a summary of the stocks that were running cold for the two weeks ended Friday, September 6: