Top 2 Technology and Communications Stocks That Could Collapse This Quarter – Cinemark Hldgs (NYSE:CNK)

As of July 10, 2024, two stocks in the Communication Services sector may be sending out real warnings to investors who rely on momentum as a key criterion for trading decisions.

The RSI is a momentum indicator that compares the strength of a stock’s price on days when it has risen to the strength of days when it has fallen. By comparing it to the price movement, traders can get a better idea of ​​how a stock will perform in the short term. According to Benzinga Pro, an asset is typically considered overbought when the RSI is above 70.

Here is an updated list of the major overbought companies in the sector.

Cinemark Holdings About CNNK

• On July 9, Cinemark USA announced the pricing of $500 million of senior notes due in 2032. The company’s shares have risen about 29% over the past month, hitting a 52-week high of $22.19.
• RSI Values: 72.61
• CNK Price Trend: Cinemark shares fell 0.8% to close at $21.67 on Tuesday.

Douyu International Holdings Co., Ltd. Doyu

• On July 3, DouYu International approved and declared a special cash dividend of $9.76 per share to shareholders as of the close of business on August 21, 2024. “Despite the continuing challenges facing the macroeconomic and business environment, the Company remains committed to protecting the interests of its shareholders. Taking into account the Company’s current cash position, the Company’s Board of Directors has approved a special cash dividend of approximately $300 million as part of its ongoing efforts to return value to shareholders,” DouYu’s Interim Management Committee commented. The Company’s shares have risen approximately 52% in the past five days, hitting a 52-week high of $18.40.
• RSI Values: 86.35
• DOYU price trend: Douyu International’s shares rose 0.9% to close at $17.61 on Tuesday.

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