The most overbought and oversold ASX stocks – Week 19

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This week, the focus is on the overbought side is companies driven higher by announcements versus those that are simply grinding higher. On the oversold side; what's going on with consumer-facing companies? And the ongoing slide in Woodside The 14-day Relative Strength Index is a momentum indicator that measures the magnitude and speed of recent price changes to assess whether or not a stock is overbought or oversold.An RSI of 70 or above is considered to be overbought, which means the stock is rising too quickly and likely to experience a pullback. Meanwhile, an RSI of 30 or below is considered to be oversold, which means the stock is falling too quickly and is likely to experience a rebound.Most Overbought ASX StocksCompanyRSI(14)Last Price1-mo Chg%New O/B?Southern Cross Electrical Engineering (SXE)88$1.480+38.3%-Clarity Pharmaceuticals (CU6)79$42.01+42.0%-Supply Network (SNL)78$9.74+9.7%-Botanix Pharmaceuticals (BOT)77$0.280+17.0%-Redox (RDX)74$10.81+10.8%-Amcor (AMC)73$7.91+7.9%-Fenix Resources (FEX)73$0.310+17.3%-Mineral Resources (MIN)73$8.25+8.3%-Mesoblast (MSB)73$1.150+28.3%-Bannerman Energy (BMN)72$15.08+15.1%-iShares China Large-Cap ETF (IZZ)72$10.29+10.3%-Silex Systems (SLX)72$12.43+12.4%-AIC Mines (A1M)72$0.500+30.3%-Nickel Industries (NIC)71$0.990+13.9%-PYC Therapeutics (PYC)71$0.110+15.8%-RPMGlobal Holdings (RUL)70$15.67+15.7%-Data as of the close on Friday, 6 May 2024. Liquidity filter applied (stocks with a close price greater than $0.05, market capitalisation greater than $200 million, and average daily turnover last 21 days greater than $500,000.The top 10 overbought list makes for some interesting reading this week. Two names that stand out are Southern Cross Electrical Engineering ASX:SXE and Clarity Pharmaceuticals ASX:CU6. Both of these stocks have been talked about by fund managers on Livewire’s Buy Hold Sell recently, and both had been in solid uptrends before announcements really lit a fire under the share prices. SXE announced it has been awarded a $160 million battery project, whilst CU6 received good news about one of its drugs. For the trend followers out there who were holding at the time of the announcement, the ensuing surge in both stocks makes for a handsome reward. Amcor ASX:AMC is another stock that has rallied on an announcement but, unlike SXE and CU6, it was not trading near record highs prior to the announcement. Th...

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