Top 2 Materials Stocks You May Want To Dump This Month - Balchem (NASDAQ:BCPC)

　　As of July 9, 2024, two stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

　　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, according to Benzinga Pro.

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

　　Balchem Corp BCPC

• On May 3, Balchem posted better-than-expected first-quarter results. Ted Harris, Chairman, President and CEO of Balchem said, “The first quarter was a very good start to the year for Balchem. We delivered record net sales, adjusted EBITDA, and net earnings, as well as solid first quarter cash flows, despite the continued challenging environment in parts of our portfolio.” The company's stock gained around 6% over the past five days and has a 52-week high of $163.02.
• RSI Value:70.11
• BCPC Price Action:Shares of Balchem gained 1.1% to close at $162.28 on Monday.

　　Anglogold Ashanti PLC AU

• On July 3, JP Morgan analyst Patrick Jones maintained Anglogold Ashanti with an Overweight and lowered the price target from $33 to $32. The company's stock gained around 25% over the past month and has a 52-week high of $29.08.
• RSI Value:71.29
• AU Price Action:Shares of Anglogold Ashanti fell 1.9% to close at $28.27 on Monday.