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Heaving Buying Triggers RSI Cross (SPWR)

By Market News Video Staff, Thursday, January 12, 4:27 PM ET
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In trading on Thursday, shares of SunPower Corp (NASDAQ:SPWR) entered into overbought territory, changing hands as high as $7.84 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 SunPower Corp, the RSI reading has hit 72.5 by comparison, the RSI reading for the S&P 500 ETF (SPY) is presently 72.1.

Investors could look at SPWR's 72.5 reading as a sign that the recent heavy buying is overdue to take a break, which could bring a pullback in the stock. The chart below shows the one year performance of SPWR shares:

SunPower Corp 1 Year Performance Chart

Looking at the chart above, SPWR's low point in its 52 week range is $4.94 per share, with $23.36 as the 52 week high point that compares with a last trade of $7.78.

According to the ETF Finder at ETF Channel, SPWR makes up 4.06% of the Solar Energy ETF (AMEX:KWT) which is trading relatively unchanged on the day Thursday.

See what other ETFs contain SPWR
See what other stocks are held by KWT

SPWR operates in the Semiconductors sector, among companies like International Rectifier Corp. (IRF) which is off about 0.5% today and has a current RSI reading of 65.1. Below is a three month price history chart comparing the stock performance of SPWR, versus IRF.

SPWR,IRF Relative Performance Chart

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