Stocks rallied to end the week, popping as May’s jobs report came in strong and lawmakers in Washington passed a debt ceiling bill. The Senate passed a bill to raise the debt ceiling and tighten government spending late Thursday, and the measure now goes to President Joe Biden for signing. The three major averages jumped Friday, and the tech-heavy Nasdaq Composite notched a weekly gain of just over 2%. Still, some names are looking a little too hot. To that end, Tech Zone Daily Pro used data from FactSet to identify the most overbought and oversold stocks changing hands on Wall Street. The findings are based on the relative strength index, a measure of a stock’s momentum. An RSI measure over a 14-day period of 70 or more usually indicates a stock is overbought. A reading below 30 can mean a stock is oversold. Here are the top ten from each list. Facebook-parent company Meta maintains the highest RSI reading on the overbought list at 89.6. Meanwhile, 66% of analysts who cover the stock have it rated as a buy, according to FactSet. Upside based on analysts’ mean target price equates to a 0.6% gain in the stock. META YTD mountain Meta stock has added more than 127% from the start of the year. Also on the list is chipmaker and artificial intelligence beneficiary Broadcom . The company has a 14-day RSI reading of 83.9. More than 70% of analysts who cover the stock gave it a buy rating, according to FactSet. Bank of America reiterated a buy rating on Broadcom stock this week, citing an undervalued AI segment. Analyst coverage compiled from FactSet implies 7.3% upside. Oversold names include Nike , which has a 14-day RSI reading of 10.3. Less than half of analysts covering the stock rate it as a buy, according to FactSet, and shares have lost nearly 8% from the start of the year. Analysts’ mean price target suggests the stock has 32.1% upside. NKE YTD mountain Nike stock has declined nearly 8% so far in 2023. Consumer giant Coca-Cola is also on the oversold list with a 14-day RSI reading of 12.16. Exactly half of analysts who are covering the stock have a buy rating. The mean price target on the stock implies 16.7% upside. – Tech Zone Daily’s Chris Hayes contributed to this report.
