Top 4 Tech Stocks That May Fall Off A Cliff

The most overbought stocks in the information technology sector presents an opportunity to go short on these overvalued companies.

The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70.

Here’s the latest list of major overbought players in this sector.

Tingo Group, Inc. (NASDAQ: TIO)

• Tingo announced an exclusive agreement with Prime Commodity Exchange and All Farmers Association of Nigeria.. The company’s stock has a 52-week high of $2.21 .
• RSI Value: 74.38
• TIO Price Action: Shares of Tingo Group rose 0.9% to close at $2.18 on Thursday.

TROOPS, Inc. (NASDAQ: TROO)

• TROOPS recently formed a Special committee to investigate allegations against Independent Director Mr. Wang Tai Dominic Li. The company’s stock has a 52-week high of $4.89.
• RSI Value: 74.96
• TROO Price Action: Shares of TROOPS rose 5.4% to close at $4.8399 on Thursday.

National Instruments Corporation (NASDAQ: NATI)

• National Instruments posted better-than-expected quarterly results. "We delivered strong results with EPS and revenue above the midpoint of our guidance," said Eric Starkloff, NI President and CEO. The company has a 52-week high of $58.29.
• RSI Value: 78.70
• NATI Price Action: Shares of National Instruments rose 0.2% to close at $58.11 on Thursday.

SAP SE (NYSE: SAP)

• SAP reported first-quarter FY23 revenue growth of 10% year-on-year to €7.44 billion. Christian Klein, CEO said, "We have entered a powerful new phase in our strategic transformation, with topline and bottom-line results clearly demonstrating the tipping point we passed in the fourth quarter 2022. Our cloud momentum continues at a fast pace which is contributing to our strong revenue and double-digit non-IFRS operating profit growth this quarter." The company’s 52-week high is $136.85.
• RSI Value: 71.09
• SAP Price Action: Shares of SAP rose 2.5% to close at $136.65 on Thursday.

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