Hot Money Monday: These are the most in-demand stocks on the ASX right now

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Each Monday, Stockhead recaps the stocks most heavily in demand by investors.

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 17:

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

A total of 79 stocks made the cut this week with an RSI reading above 70. Things have cooled off from last week, when we only included companies with an RSI of 75 or above to prevent the list from climbing above 200.

Topping the list this week was geospatial analytics company Pointerra (ASX:3DP), thanks to the addition of a big name on the share registry.

The company recorded a red-hot reading of 93.32, after ripping higher on Tuesday following news of a $2.5m placement to billionaire tech investor Bevan Slattery.

After typically being populated by resources stocks (mainly gold) in recent weeks, the top of this week’s list saw some more science and tech names moving into the mix including Anteotech (ASX:ADO) and Vault Intelligence (VLT).

Running Cold

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, July 17:

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

Conversely to the Running Hot list, maintaining the cutoff for stocks running cold at an RSI of 30 below would’ve resulted in a list of just 12 stocks — so we bumped it up to 35.

The revised limit resulted in a total of 44 companies on the list, including a number of pot stocks as the sector continues to struggle for traction with Aussie investors following the 2019 cannabis bear market.

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