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

There were 28 stocks with an RSI above 70 this week, down from 39 last week (which was the highest measure since the COVID-19 crisis emerged in late February).

The RSI has proved to be an indicator of broader market sentiment amid the spike in volatility.

When panic reached fever pitch the number of stocks on the list almost fell to zero. And the latest decline was accompanied by a tone of caution on markets, as the Small Ords index finished the week almost 5 per cent lower.

All eyes are on enigmatic oil & gas play Jupiter Energy (ASX:JPR), which rocketed to the top of the list following some head-turning gains (on no news) before going into a trading halt on Thursday.

Minnow gold explorer Bulletin Resources (ASX:BNR) also continued its hot streak. The stock has more than doubled since April 6, when the company announced mining had recommenced at the Geko gold project in WA.

Bulletin maintains a profit share and joint venture interest in the project, which was sold to private company Habrok Pty Ltd in February after its previous majority owner, Coolgardie Minerals, went into administration.

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, April 24:

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

Code Name Price 2 Week RSI Market Cap ($)
JPR JUPITER ENERGY LTD 0.15 91.57 23.01M
BNR BULLETIN RESOURCES LTD 0.05 81.44 8.96M
CTE CRYOSITE LTD 0.08 80.78 3.75M
TGA THORN GROUP LTD 0.16 79.43 41.91M
PDI PREDICTIVE DISCOVERY LTD 0.07 79.42 41.05M
CRM CARBON MINERALS LTD 0.34 76.81 6.39M
DRE DREADNOUGHT RESOURCES LTD 0.005 74.32 10.60M
PNR PANTORO LTD 0.16 74.06 170.51M
NCZ NEW CENTURY RESOURCES LTD 0.18 73.95 108.44M
MTC METALSTECH LTD 0.19 73.57 22.24M
EME ENERGY METALS LTD 0.14 73.38 29.36M
KRR KING RIVER RESOURCES LTD 0.04 72.7 51.19M
ONX ORMINEX LTD 0.06 72.66 35.04M
COY COPPERMOLY LTD 0.007 72.51 23.40M
MAU MAGNETIC RESOURCES NL 0.8 72.01 160.73M
OKR OKAPI RESOURCES LTD 0.13 71.94 4.69M
XTC XANTIPPE RESOURCES LTD 0.004 71.81 14.96M
TNR TORIAN RESOURCES LTD 0.02 71.32 5.91M
GSW GETSWIFT LTD 0.65 71.27 124.44M
LEG LEGEND MINING LTD 0.19 71.13 428.78M
RML RESOLUTION MINERALS LTD 0.14 70.8 26.72M
REE RAREX LTD 0.03 70.67 9.36M
FEX FENIX RESOURCES LTD 0.05 70.63 14.86M
PEN PENINSULA ENERGY LTD 0.19 70.51 69.31M
CHN CHALICE GOLD MINES LTD 1.07 70.49 287.77M
GSM GOLDEN STATE MINING LTD 0.16 70.27 5.13M
PKS PKS HOLDINGS LTD 0.15 70.21 18.17M
HXG HEXAGON ENERGY MATERIALS LTD 0.07 70.04 19.30M

Running Cold

Although the broader market cooled off a bit last week, Stockhead‘s Running Cold list still dwindled from the week prior.

There were 48 stocks with an RSI below thirty, compared to 60 the week before.

One company that departed the list was recruitment platform Ignite (ASX:IGN), which last week posted an RSI of just 29.56.

But in similarly mysterious circumstances to Jupiter Energy, shares in Ignite ripped higher on Friday on no news, before the company went into a trading halt following an ASX price query.

In response, the company said it was not aware of any information that could explain the price action.

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, April 24:

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

Code Name Price ($) 2 Week RSI Market Cap
TPS THREAT PROTECT AUSTRALIA LTD 0.05 29.94 13.01M
ASG AUTOSPORTS GROUP LTD 0.7 29.91 135.68M
LNG LIQUEFIED NATURAL GAS LTD 0.04 29.83 25.37M
AMO AMBERTECH LTD 0.04 29.82 2.83M
FTZ FERTOZ LTD 0.06 29.6 9.42M
EVZ EVZ LTD 0.08 29.25 7.69M
GID GI DYNAMICS INC-CDI 0.003 29.24 5.49M
TKM TREK METALS LTD 0.01 29.13 657.39k
GOW GOWING BROS LIMITED 1.36 28.93 73.17M
API AUSTRALIAN PHARMA INDUS LTD 1.05 28.73 495.12M
CD2 CORDISH DIXON PRIVATE EQUITY 0.89 28.67 49.12M
MTO MOTORCYCLE HOLDINGS LTD 0.63 28.63 38.88M
FE8 FASTER ENTERPRISES LTD 0.01 28.51 665.31k
MOB MOBILICOM LTD/AUSTRALIA 0.05 28.45 12.90M
MPW MSL SOLUTIONS LTD 0.02 28.41 7.09M
MGU MAGNUM MINING AND EXPLORATIO 0.04 28.06 12.18M
EN1 ENGAGE:BDR LTD 0.01 28.04 9.70M
TIN TNT MINES LTD 0.05 27.74 1.46M
EAX ENERGY ACTION LTD 0.09 27.54 2.41M
KPT KANGAROO ISLAND PLANTATION T 0.95 27.24 53.60M
DCG DECMIL GROUP LTD 0.14 26.43 29.91M
GTN GTN LTD 0.38 26.31 80.73M
CPT CIPHERPOINT LTD 0.01 26.25 549.93k
RVS REVASUM INC-CDI 0.33 26.1 25.75M
AGJ AGRICULTURAL LAND TRUST 0.02 25.9 2.15M
HOT HOTCOPPER HOLDINGS LTD 0.1 25.05 18.90M
GED GOLDEN DEEPS LTD 0.005 25 1.40M
UCW UCW LTD 0.1 24.14 11.40M
SXL SOUTHERN CROSS MEDIA GROUP L 0.12 23.66 279.41M
PNC PIONEER CREDIT LTD 0.23 23.64 14.90M
ENE ENEVIS LTD 0.04 23.07 2.80M
SF1 STEMIFY LTD 0.01 22.67 1.88M
JAY JAYRIDE GROUP LTD 0.07 21.73 7.57M
DGH DESANE GROUP HOLDINGS LTD 1.11 21.45 45.41M
HPR HIGH PEAK ROYALTIES LTD 0.06 20.95 11.34M
BIQ BUILDINGIQ INC-CDI 0.003 20.78 1.12M
IXU IXUP LTD 0.02 20.78 4.45M
VEN VINTAGE ENERGY LTD 0.04 20.68 10.69M
MCM MC MINING LTD 0.16 20.35 25.40M
SST STEAMSHIPS TRADING COMPANY 10 20.29 310.08M
RDH REDHILL EDUCATION LTD 0.56 19.65 17.26M
TIG TIGERS REALM COAL LTD 0.01 19.5 37.86M
BRI BIG RIVER INDUSTRIES LTD 1.22 19.44 76.21M
DCN DACIAN GOLD LTD 0.38 19.4 180.69M
ARA ARIADNE AUSTRALIA LTD 0.42 17.26 82.42M
SFM SANTA FE MINERALS LTD 0.05 16.12 3.64M
VOL VICTORY OFFICES LTD 0.51 14.62 20.86M
UUL ULTIMA UNITED LTD 0.01 6.68 410.56k