Top 5 Materials Stocks That Could Sink Your Portfolio For July

The most overbought stocks in the materials 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.

CRH plc (NYSE: CRH)

• Oldcastle infrastructure, a CRH Company has today announced that it has acquired Hydro International from funds advised by Agilitas Private Equity LLP. "We are continually looking for ways to create value for our customers through innovation and advanced technology. Bringing Hydro into our infrastructure solutions business directly aligns with that approach and further advances our water market strategy," stated Jason Jackson, President, CRH Infrastructure Products. The company’s stock has a 52-week high of $59.57. .
• RSI Value: 81.79
• CRH Price Action: Shares of CRH fell 0.2% to close at $59.41 on Wednesday.

Ingevity Corporation (NYSE: NGVT)

• Ingevity is expected to release its second-quarter 2023 earnings on Wednesday, Aug. 2, 2023. The company’s stock has a 52-week high of $90.81.
• RSI Value: 73.59
• NGVT Price Action: Shares of Ingevity rose 0.8% to close at $63.08 on Wednesday.

Packaging Corporation of America (NYSE: PKG)

• Packaging Corporation of America reported mixed second-quarter results. Mark W. Kowlzan, Chairman and CEO, said, "Actual results versus our guidance for the quarter reflect the outstanding efforts by employees across the Company to manage our operations in an efficient and cost-effective manner as we continued to operate both our Packaging and Paper segments against a challenging demand environment." The company has a 52-week high of $154.35.
• RSI Value: 80.72
• PKG Price Action: Shares of Packaging Corporation of America fell 1.4% to close at $150.55 on Wednesday.

Sealed Air Corporation (NYSE: SEE)

• SEE is scheduled to release its second quarter 2023 results on Tuesday, Aug. 8, 2023. The company’s 52-week high is $62.14.
• RSI Value: 72.87
• SEE Price Action: Shares of Sealed Air fell 1.1% to close at $46.21 on Wednesday.

Reliance Steel & Aluminum Co. (NYSE: RS)

• Reliance Steel & Aluminum is expected to report second quarter 2023 financial results for the period ended June 30, 2023, on July 27, 2023. The company has a 52-week high of $293.03.
• RSI Value: 74.39
• RS Price Action: Shares of Reliance Steel & Aluminum fell 0.8% to settle at $290.44 on Wednesday.

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