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In trading on Friday, shares of Health Net, Inc. (NYSE:HNT) entered into overbought territory, changing hands as high as $33.35 per share. We define overbought territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be overbought if the RSI reading rises above 70. In the case of Health Net, Inc., the RSI reading has hit 72.7 — by comparison, the RSI reading for the S&P 500 ETF (SPY) is presently 62.4.
Investors could look at HNT's 72.7 reading as a sign that the recent heavy buying is overdue to take a breather, which could bring a pullback in the stock. The chart below shows the one year performance of HNT shares:
Looking at the chart above, HNT's low point in its 52 week range is $20.51 per share, with $34.03 as the 52 week high point — that compares with a last trade of $32.79.
HNT operates in the Hospital & Medical Practitioners sector, among companies like Sunrise Senior Living Inc (NYSE:SRZ) which is off about 1.6% today and has a current RSI reading of 66.0. Below is a three month price history chart comparing the stock performance of HNT, versus SRZ.
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