Hot Money Monday: GLG Corp is the most in-demand stock on the ASX right now

A Friday surge where the stock more than doubled was enough to put textiles company GLG Corp (ASX:GLE) at the top of this week’s list.

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 26:

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

GLE’s gains came a day after GLE released its half-year results on Thursday, where it reported a net profit of $US1.312m on revenues of $US99.45m and declared a US1c interim dividend.

Mobile telecommunications company TPC Consolidated (ASX:TPC) also ran hot, posting six straight days of gains ahead of the release of its half-year results which came out on Friday.

And topping the resources sector in the Running Hot list this week was Canada-based uranium play Laramide Resources (ASX:LAM), which posted a couple of strong days of gains after coming out of a multi-month trading halt at the start of last week.

Running cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, February 26:

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