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

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Each Monday, Stockhead recaps which stocks are most heavily in demand by investors — running hot.

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 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.

Here’s this week’s list:

Running Hot

Software company Energy One (ASX:EOL) is starting to grab the market’s attention, and the stock came in at the top of this week’s table with an RSI reading of 85.98.

It follows another strong run of gains after EOL released an investor presentation last Monday, where it highlighted a successful launch into UK and European markets.

Energy One’s software provides trading solutions for businesses operating in the wholesale energy market, across both physical energy (eg electricity and gas) as well as hedging and risk management.

ASX-listed since 2007, EOL’s share price only began gaining traction in 2017, and this month’s rally has taken the stock’s 2019 gain to almost 200 per cent.

Also back on the hot-list this week was Splitit (ASX:SPT) — a familiar name from the buy now, pay later sector. The stocks surged to a high of $2 after listing in late-January at 20 cents, before declining steady throughout the year.

But an update on the company’s North American operations appeared to reignite investor interest last Monday, as the stock posted a weekly gain of almost 40 per cent to close at 90.5 cents.

Here’s a summary of the stocks that were running hot for the two weeks ended Friday, October 18:

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

Running Cold

Here’s a summary of the stocks that were running cold for the two weeks ended Friday, October 18:

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

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