Sandisk Stock Is Up 770% This Year and Polymarket Just Called It "the Most Overbought Stock in History." Here's the Case for Buying Anyway.
Technical analysis doesn't tell the whole story.
Overview
Sandisk (NASDAQ: SNDK) stock continues its epic run, defying all expectations. Shares of the artificial intelligence (AI) infrastructure company are up 726% this year, making Sandisk the best-performing stock in the Nasdaq-100.
But that performance is also bringing out some skeptics. Polymarket, which runs a popular prediction markets platform, announced in a social media post that Sandisk is "officially the most overbought stock in history."
Details
The platform cited Sandisk's relative strength index (RSI), a technical stock analysis tool that measures the speed and magnitude of price changes to indicate whether a stock is overvalued or undervalued. RSI operates on a scale of 1 to 100. Readings over 70 are considered overbought and potentially overvalued. Sandisk's RSI was 99.
Source
Originally published at www.fool.com.