Watch these overbought and oversold names on Wall Street for signs of overcrowding and potential bargains.
Stocks rallied to end the week, popping as May's jobs report came in strong and lawmakers in Washington passed a debt ceiling bill. The Senate passed a bill to raise the debt ceiling and tighten government spending late Thursday, and the measure now goes to President Joe Biden for signing. The three major averages jumped Friday, and the tech-heavy Nasdaq Composite notched a weekly gain of just over 2%. Still, some names are looking a little too hot.
mountain Meta stock has added more than 127% from the start of the year. Also on the list is chipmaker and artificial intelligence beneficiary Broadcom . The company has a 14-day RSI reading of 83.9. More than 70% of analysts who cover the stock gave it a buy rating, according to FactSet. Bank of America reiterated a buy rating on Broadcom stock this week, citing an undervalued AI segment. Analyst coverage compiled from FactSet implies 7.3% upside.
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