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.
Here’s this week’s list:
Evidently, pot stocks have been in demand. This edition of Hot Money was topped by medicinal cannabis company Impression Healthcare (ASX: IHL), with a two-week RSI reading of 85.29.
IHL’s share price has been on the march in June, rising from 1.9 cents to 3.6 cents as the company inked two supply agreements and prepared for a total of four clinical trials, which it hopes will help it develop “significant intellectual property” in the medicinal cannabis industry.
Here’s a summary of the stocks that were running hot for the two weeks ended Friday, June 21:
While the “Hot” list tends to jump around a bit, stocks running cold are often less volatile.
So although a reading below 30 indicates that a company could be undervalued, the data suggests many companies on the “Cold” list are there for a reason.
Embattled investment advisory company Evans Dixon (ASX: ED2) remained icy cool, booking a reading of 10.77 after scoring just 7.96 in the week prior.
The company remains on the nose with the investment community, after its CEO stepped down to focus on the firm’s struggling US property fund.
Here’s a summary of the stocks that were running cold for the two weeks ended Friday, June 21: