Each Monday, Stockhead recaps the ASX stocks that are running hot with 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, December 11:

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

Code Company Price RSI MktCap$
IMM Immutep Ltd 0.57 89 $ 277,238,464.20
AHY Asaleo Care Limited 1.3 88 $ 668,040,663.93
PTG Proptech Group 0.48 85 $ 24,327,138.60
TI1 Tombador Iron 0.067 84 $ 45,195,030.48
RCW Rightcrowd 0.35 82 $ 79,967,165.76
SCU Stemcell United Ltd 0.031 81 $ 20,819,859.28
SI6 SI6 Metals Limited 0.036 78 $ 47,698,466.85
ECS ECS Botanics Holding 0.063 78 $ 21,536,026.50
NMR Native Mineral Res 0.57 78 $ 15,127,087.50
AJJ Asian Amer Medical 0.058 78 $ 20,169,659.73
CPT Cipherpoint Limited 0.06 78 $ 7,424,087.25
BMN Bannerman Resources 0.063 78 $ 64,491,123.72
NTI Neurotech Intl 0.05 77 $ 24,532,415.56
4CE Force Com Ltd 0.028 76 $ 27,211,724.04
FMS Flinders Mines Ltd 1.38 75 $ 233,011,036.26
ROO Roots Sustainable 0.029 75 $ 10,312,667.50
CPH Creso Pharma Ltd 0.25 74 $ 144,567,867.57
MSM MSM Corporation Intl 0.068 74 $ 62,110,914.76
LNU Linius Tech Limited 0.066 74 $ 103,784,836.69
CAP Carpentaria Resource 0.057 74 $ 13,292,698.92
MDC Medlab Clinical Ltd 0.29 74 $ 78,309,187.88
SNG Siren Gold 0.86 73 $ 48,162,168.28
PF1 Pathfinder Resources 0.27 72 $ 13,425,531.30
MPR Mpower Group Limited 0.065 72 $ 9,530,784.96
BDM Burgundy D Mines Ltd 0.195 71 $ 48,507,144.86
MXC Mgc Pharmaceuticals 0.035 71 $ 51,332,252.76
VUL Vulcan Energy 2.8 71 $ 181,739,477.80
EPM Eclipse Metals 0.013 71 $ 18,390,105.90
DNA Donaco International 0.055 70 $ 66,711,026.63

Biotech moved to the top of this week’s list, as oncology company Immutep (ASX:IMM) recorded a 14-day RSI of 89.

The moved was backed my some material news flow though, as IMM reported “highly encouraging” results in a Phase IIb trial for efti — its treatment solution for late-stage breast cancer.

Also running hot was $700m hygiene products company Asaleo Care Limited (ASX:AHY), which received a non-binding takeover proposal from Sweden-based Essity AB.

Asaleo said that while its assessment of the proposal is still at an early stage, the offer does represent “a low takeover premium to recent market prices and is highly opportunistic in timing”.

And in another possible indicator that cannabis is back, a total of six cannabis companies made an appearance on this week’s Running Hot list.

Leading the pack was the cannabis-adjacent Stemcell United (ASX:SCU), the $20m agriculture company which posted strong enough gains to warrant a please-explain from the ASX last Wednesday.

Via its subsidiary, Yunnan Hua Fang Industrial, SCU is the holder of an industrial hemp licence in China and says it is “the first foreign company to access the vast China hemp market”.

Running Cold

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

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

Code Company Price RSI MktCap$
STK Strickland Metals 0.05 30 $ 20,636,424.53
PCH Property Connect 0.0015 29 $ 1,028,795.21
ADV Ardiden Ltd 0.0175 29 $ 36,092,052.03
AMN Agrimin Ltd 0.46 29 $ 103,262,608.05
TSL Titanium Sands Ltd 0.025 29 $ 15,688,368.64
AOA Ausmon Resorces 0.004 28 $ 2,722,637.37
OPY Openpay Group 2.26 28 $ 184,189,134.42
MTH Mithril Resources 0.019 28 $ 39,654,427.77
ENV Enova Mining Limited 0.02 27 $ 6,773,176.88
S2R S2 Resources 0.17 26 $ 56,680,412.22
QFE Quickfee Limited 0.42 24 $ 84,617,700.30
AIV Activex Limited 0.12 23 $ 21,259,521.12
DTC Damstra Holdings 1.4 23 $ 257,802,119.40
MCP McPherson's Ltd 1.2 23 $ 147,663,979.00
APX Appen Limited 25.87 22 $ 3,205,454,851.00
NAG Nagambie Resources 0.04 20 $ 21,497,090.88
SO4 Salt Lake Potash Ltd 0.405 19 $ 280,949,993.76
DDT DataDot Technology 0.006 19 $ 8,693,086.26
CAQ CAQ Holdings Ltd 0.04 17 $ 28,711,451.24
AND Ansarada Group Ltd 1.53 14 $ 127,102,224.64
KPE Kina Petroleum Corp 0.26 7 $ 3,301,223.90
KLR Kaili Resources Ltd 0.026 1 $ 3,832,409.44