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 |