Hot Money Monday: The most-in demand stocks on the ASX right now

Link copied to
clipboard

Each Monday, Stockhead recaps which stocks are most heavily in demand by investors — running hot.

The analysis is based 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 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 lookout for opportunities where the price-action has separated from fundamentals.

Here’s this week’s list:

Running Hot

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

There were a total of 48 stocks with a 14-day RSI reading above 70. Of those, 27 were new entrants (stocks highlighted in yellow).

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

There was a new leader this week, as betting technology company Betmakers (ASX:BET) ran hot and jumped straight to the top of the table with an RSI reading of 84.86.

It followed two big gains on Tuesday and Thursday either side of a trading halt, as Betmakers announced its US subsidiary had signed an exclusive licensing agreement which will make it the “only approved official distributor of fixed odds horse racing content in New Jersey”.

READ MORE: Betmakers unveils a unique New Jersey horse racing deal; shares gallop 35pc

Running Cold

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

There were a total of 49 stocks with a 14-day RSI reading below 30. Of those, 29 were new entrants (stocks highlighted in yellow).

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

Infant formula company Bubs Australia (ASX:BUBS) was one of the new entrants on this week’s list, cooling off with an RSI reading of 19.87.

The stock price fell after markets responded negatively to Bubs’ 4C trading update last Friday, where it said quarterly sales into the Chinese market fell by 32 per cent.

Shares fell from above 90c to close on Friday at 72c, leaving it with a market capitalisation of around $400m.

share

• 
• 
• 
• 

Link copied to
clipboard

SUBSCRIBE

Get the latest Stockhead news delivered free to your inbox.

Name*

Email*

Hidden

Email Lists

Morning Update

Lunch Update

Market Close Update

Weekend Update

It's free. Unsubscribe whenever you want.

By proceeding, you confirm you understand that we handle personal information in accordance with our Privacy Policy.

You might be interested in

News

Top 10 at 11: It's the tail end of quarterlies today, so there's nowhere to hide if the news ain't so great

January 31, 2024 | Gregor Stronach

News

Hot Money Monday: Laramide, Andromeda, Cryosite are rising on momentum. Are they a buy?

January 22, 2024 | Eddy Sunarto

News

Stockhead presents... The 12 Days of ASXmas

December 22, 2023 | Gregor Stronach