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, September 11:

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

In line with what was a more subdued week on local markets, the Stockhead data team removed their Hot Money restriction to include all stocks with a two-week RSI above 70 (in recent weeks the cutoff was 75).

That change saw a total of 81 stocks populate this week’s list, which in a historical context is still an indicator of fairly bullish market sentiment.

While the post-COVID bull market saw the list climb comfortably above 100, the average for most of last year was around 50.

This week marked the rare appearance of a cannabis company among the leaders, with Althea Group (ASX:AGH) registering a two-week RSI of 89.8.

While the company didn’t make any market-moving announcements, Althea posted seven straight days of gains from September 3, leading up to the TGA ruling on down-scheduling CBD products on Wednesday.

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, September 11:

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

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