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, July 10:

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

As a result, the Stockhead data team was forced to get the culling machine out and trim the list to stocks with an RSI of 70 or above, or this week’s list would’ve had more than 200 companies on it.

Topping the list was gold explorer Krakatoa Resources (ASX:KTA), which posted double-digit percentage returns on five out of seven sessions before going into a trading halt on Tuesday.

That followed an announcement on Monday that KTA had “considerably expanded its landholding in the Lachlan Fold Belt” in NSW via the application for additional exploration licences at its fully-owned Rand project.

The company said it wasn’t aware of any reason why the applications won’t be approved within the next three to six months, giving it the opportunity to further explore the gold systems which are similar to that of the Mallina project operated by De Grey Mining (ASX:DEG).

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, July 10:

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

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