As of May 8, 2024, two stocks in the financial 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.

Payoneer Global Inc. ( PAYO )

On May 8, Payoneer Global ( PAYO ) posted better-than-expected quarterly results. “Payoneer delivered record quarterly revenue and strong profitability in the first quarter, driven by growth across all channels, including faster growth in our higher take rate B2B and Merchant Services businesses,” said John Caplan, Chief Executive Officer. “We grew ICPs by 8% and generated 21% volume growth, our highest growth rate in nearly 3 years. We are making steady progress against our strategic priorities, accelerating underlying revenue growth, and increasing profitability.” The company's stock gained around 6% over the past five days and has a 52-week high of $6.48.

RSI Value: 79.02                              

PAYO Price Action: Shares of Excelerate Energy gained 0.4% to close at $ 5.22 on Tuesday.

Main Street Capital Corporation (NYSE:MAIN)

On April 16, Main Street Capital ( MAIN ) announced its preliminary operating results for the first quarter of 2024. Dwayne L. Hyzak, Main Street’s Chief Executive Officer, stated, “We are extremely pleased with our performance in the first quarter, which resulted in continued strong operating results, including a new record for net asset value per share for the seventh consecutive quarter, net investment income per share and distributable net investment income per share that significantly exceeded the dividends paid to our shareholders  and an estimated return on equity of 17% for the quarter.” The company's stock gained around 7% over the past month and has a 52-week high of $51.08.

RSI Value: 79.38

MAIN Price Action: Shares of Main Street Capital ( MAIN ) rose 0.1% to close at $50.70 on Tuesday.

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