Top 2 Energy Stocks That May Fall Off A Cliff This Quarter

As of July 12, 2024, two stocks in the energy 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.

Greenfire Resources Ltd (NYSE:GFR)

• On July 10, Greenfire Resources announced redemption of $61 million of the company’s $300 million senior secured notes due 2028. The company's stock gained around 26% over the past month and has a 52-week high of $9.90.
• RSI Value: 70.99                              
• GFR Price Action: Shares of Greenfire Resources gained 1.5% to close at $7.30 on Thursday.

Golar LNG Limited (NASDAQ:GLNG)

• On July 5, Golar LNG entered into definitive agreements with Pan American Energy to deploy a floating liquefied natural gas vessel in Argentina for 20 years. Golar's CEO, Mr. Karl Fredrik Staubo, said, "We are excited to enter a partnership with Pan American Energy, one of the leading energy companies in Latin America." The company's stock gained around 21% over the past month and has a 52-week high of $34.59.
• RSI Value: 81.58
• GLNG Price Action: Shares of Golar LNG closed at $34.30 on Thursday.

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