Nvidia
shares
may
be
due
for
a
pullback
after
another
red
hot
start
to
the
year.
Shares
have
rallied
77%
year
to
date
as
investors
amp
up
bets
on
the
chipmaker’s
dominant
artificial
intelligence
position.
This
week
alone,
the
semiconductor
behemoth
has
surged
6%
even
as
technology
stocks
and
the
major
averages
head
for
weekly
declines.
But
Nvidia
may
be
getting
ahead
of
itself
after
nine-straight
weeks
of
gains,
according
to
this
commonly
watched
metric.
Using
our
stock
screener
tool,
CNBC
Pro
searched
for
the
most
overbought
and
oversold
names
on
Wall
Street
based
on
their
14-day
relative
strength
index,
or
RSI.
Assets
with
a
14-day
RSI
greater
than
70
are
considered
overbought,
and
potentially
at
risk
of
a
pullback.
Here
are
some
of
the
stocks
that
made
the
list:
Howmet
Aerospace
and
General
Electric
are
the
most
overbought
stocks,
with
RSIs
exceeding
89.
General
Electric
is
up
more
than
6%
this
week
and
added
nearly
1%
on
Friday
after
JPMorgan
upgraded
shares
to
overweight
and
said
it
expects
the
company’s
outperformance
to
continue.
Nvidia
was
the
fourth-most
overbought
stock
on
the
list
with
an
RSI
reading
of
about
86.
The
stock
pulled
back
about
6%
during
midday
trading
as
semiconductor
stocks
took
a
breather.
The
stock
has
been
a
major
contributor
to
2024’s
rally,
gaining
more
than
$1
trillion
in
market
value
year
to
date.
Its
appreciation
has
accounted
for
about
30%
of
the
S
&
P
500’s
aggregate
gain
this
year,
according
to
LSEG
data.
NVDA
5D
mountain
Nvidia
shares
this
week
Other
companies
that
made
the
overbought
list
include
Jabil
,
Leidos
Holdings
and
American
Express
.
There
are
also
three
stocks
in
oversold
territory,
including
Apple
.
A
stock
is
considered
oversold
when
its
RSI
is
below
30
and
could
signal
a
buying
opportunity.
The
iPhone
maker,
with
an
RSI
of
about
26,
added
roughly
2%
on
Friday,
reversing
some
of
its
week-to-date
gains
after
getting
hit
with
a
$2
billion
fine
and
suffering
a
decline
in
sales
in
China.
The
stock
is
slated
for
a
4%
weekly
decline
and
is
coming
off
its
longest
losing
streak
in
more
than
two
tears.
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ABOVE
CONTENT
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