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

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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.

Running Hot

Amid the unprecedented events of the last three weeks, it’s perhaps not surprising that the RSI has been turned on its head.

Two weeks ago there were just 15 stocks with an RSI reading above 70; last week that number fell to 10. And this week, when Stockhead’s data team ran the numbers at the conclusion of Friday trade, just two companies made the cut.

So as we’ve done over the last fortnight for the Running Cold list (which conversely has surged to all-time highs), this week’s edition of HMM required a small tweak.

Instead of an RSI above 70, we’ve included all stocks with an RSI reading above 60, bringing the count to 11:

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, March 13:

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

Running Cold

On the back of last week’s market capitulation, the number of ASX small caps with an RSI reading below 30 now numbers an (impressive) 501 stocks.

To provide a manageable summary of the worst-hit stocks, we’ve compiled a list of all companies with an RSI reading below 20. (Hint: Get ready to scroll — there are still 99 stocks on the list).

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, March 13:

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

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