Top 3 Financials Stocks That May Plunge In September

As of Sept. 23, 2024, three stocks in the financials 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.

ICICI Bank Ltd (NYSE:IBN)

• On July 31, ICICI Bank Limited filed annual report on Form 20-F for the fiscal year 2024. The company's stock gained around 10% over the past month and has a 52-week high of $31.60.
• RSI Value: 79.28                              
• IBN Price Action: Shares of ICICI Bank gained 2% to close at $31.38 on Friday.

HDFC Bank Ltd (NYSE:HDB)

• On July 22, JP Morgan analyst Saurabh Kumar downgraded HDFC Bank from Overweight to Neutral. The company's stock gained around 8% over the past month and has a 52-week high of $67.44.
• RSI Value: 79.06
• HDB Price Action: Shares of HDFC Bank rose 1.4% to close at $65.73 on Friday.

Jefferies Financial Group Inc (NYSE:JEF)

• On Sept. 17, UBS initiated coverage on the stock with a Buy rating and announced a $67 price target. The company's stock gained around 6% over the past five days and has a 52-week high of $62.67.
• RSI Value: 70.42
• JEF Price Action: Shares of Jefferies Financial fell 0.4% to close at $62.07 on Friday.

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