Hot Money Monday: These are 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

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, May 15:

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

While a tone of caution continues to creep into markets, the Running Hot list is still well-populated — an indicator that sentiment in the small cap space remains broadly bullish.

The top end of the list remains resources-heavy, including graphite miner Triton Minerals (ASX:TON) which jumped into the top three.

Triton’s shares increased on all five trading days last week, including three double-digit percentage gains which culminated in a price query from the ASX on Thursday.

In response, the company said it wasn’t aware of any market-moving news, although it pointed to a company presentation on May 7 where management highlighted improving business conditions on the ground in China.

The Triton board said it “anticipated the acceleration of financing discussions in China, and construction to commence in Q3 2020”.

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, May 15:

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

This week, the number of ASX small caps with an RSI below 30 fell to 23, down from 26 in the week prior (and 33 the week before that).

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