The most overbought stocks in the IT sector present an opportunity to go short in these overvalued companies.

The RSI is a momentum indicator that compares a stock’s strength on rising days to its strength on falling days. Compared to a stock’s price action, it can give traders a better sense of how a stock might perform in the short term. An asset is typically considered overbought when the RSI is above 70.

Here is the latest list of the major overbought players in this sector.

BIT Mining Limited BTCM

• BIT Mining conducted a 1:10 reverse stock split last month. The company’s stock has a 52-week high of $47.50 .
• RSI value: 90.68
• BTCM Price Action: Shares of BIT Mining rose 42.1% to $3.07 on Friday, gaining 1.3% in after-hours trading.

Cipher Mining Inc. CIFR

• Cipher Mining recently announced a December update and said it mined 225 Bitcoin. The companys The stock has a 52-week high from $3.94.
• RSI value: 77.62
• CIFR Price Action: Shares of Cipher Mining gained 5.7% to close at $1.11 on Friday, up 14.4% in after-hours trading.

National Instruments Corporation NATI

• National Instruments announced that it has initiated a review and evaluation of strategic options, including interest from potential acquirers. The company has one 52 week high from $47.95.
• RSI value: 85.71
• NATI price campaign: Shares of National Instruments rose 16.9% to $46.97 on Friday, gaining 2.1% in after-hours trading.

Agora, Inc. API

• Agora agreed to sell the client last month engagement cloud business to TI Cloud for $14.6 million in cash. The company’s 52-week high is $13.23.
• RSI value: 70.08
• API Price Promotion: Agora shares gained 8.1% to close at $4.79 on Friday.

Flex Ltd TO BEND

• Flex is expected to report its third quarter financial results on Wednesday, January 25, 2023. The enterprise has a 52-week high from $24.08.
• RSI value: 80.58
• FLEX price promotion: Flex shares gained 2.5% to rally at…