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, August 28:

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

With markets remaining buoyant, we maintained our elevated cutoff level this week to prevent the Running Hot list from getting too long.

A total of 52 companies registered a two-week RSI of 75 (above the standard 70), down slightly from last week’s tally of 60.

Topping the list this week was Enevis (ASX:ENE), which provides clean energy solutions for clients in commercial property and infrastructure.

Shares in Enevis, which has a market cap of around $11m, rose steadily from 5.5c to 11c over the two week period.

However, those moves weren’t based on any market-moving updates, with news flow quiet since the company announced the divestment of its lighting business on August 3.

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, August 28:

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

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