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

Stockhead’s Hot Money Monday 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 look-out 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, February 12:

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

Last week’s leader, financial services firm Centrepoint Alliance (ASX:CAF), fell out of this week’s list.

But there were plenty of stocks running hot, as Stockhead’s data team recorded 29 companies that posted a 14-day RSI above 70 (that’s up from 23 last week).

That included two companies with a red-hot reading of 99 (which doesn’t happen often).

Iron ore junior Accent Resources (ASX:ACS) has a recent history of jumping around, and the stock has been ripping higher in February on no news.

Near the top of the list was Bard1 Life Sciences (ASX:BD1), which doubled this week after a promising test for its ovarian cancer treatment.

Also running hot this week was BNPL leader Zip Co (ASX:Z1P), which is trading above $10 and posted an RSI of 84, as well as rent.com.au (ASX:RNT) which has been on an eye-watering rally since leading tech investor Bevan Slattery took a 10 per cent stake in the business.

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, February 12:

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