Top 3 Tech And Telecom Stocks That May Keep You Up At Night This Quarter

As of March 7, 2024, three stocks in the communication services 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.

IDT Corporation (NYSE:IDT)

• On March 6, IDT posted an increase in EPS for its second quarter. Shmuel Jonas, CEO, said, “The second quarter was highlighted by the continued expansion of our growth businesses, with both NRS and BOSS Money surpassing the $100 million annual revenue run rate milestone.” The company’s stock gained around 7% over the past month and has a 52-week high of $38.04 .
• RSI Value: 72.33
• IDT Price Action: Shares of IDT gained 0.4% to close at $37.19 on Wednesday.

Sphere Entertainment Co. (NYSE:SPHR)

• On Feb. 5, Sphere Entertainment clocked a 97% year-on-year revenue growth to $314.2 million, beating the consensus of $301.8 million. Executive Chairman and CEO James L. Dolan said, “With positive adjusted operating income at the Sphere segment in our first full quarter of operations in Las Vegas, our early results are beginning to prove that thesis, and we remain confident in the global opportunities ahead.” The company’s stock gained around 15% over the past five days and has a 52-week high of $49.00.
• RSI Value: 80.93
• SPHR Price Action: Shares of Sphere Entertainment gained 1.2% to close at $48.12 on Wednesday.

Sea Limited (NYSE:SE)

• On March 4, Sea reported fourth-quarter fiscal 2023 revenue growth of 4.8% year-on-year to $3.62 billion, beating the consensus of $3.55 billion. “I am happy to share that we have achieved our first full year of annual profit since our IPO,” said Forrest Li, Sea’s Chairman and Chief Executive Officer. The company’s stock gained around 22% over the past five days has a 52-week high of $88.84.
• RSI Value: 88.80
• SE Price Action: Shares of Sea gained 6.2% to close at $59.22 on Wednesday.

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