Apple's rally this week has made the iPhone maker one of the most overbought stocks on Wall Street, with its newly announced push into artificial intelligence lifting shares above $200. Apple is up nearly 8% this week after unveiling an array of new AI features at its annual Worldwide Developers Conference . It's also the second-most overbought stock on Wall Street this week based on its 14-day relative strength index, or RSI.
Pro used its stock screener tool to search for the most overbought and oversold stocks. Names with a 14-day RSI exceeding 70 are considered overbought, which suggests that shares may soon slide. A reading below 30 generally signals that a stock is oversold and could be due for a bounce. Indeed, a wave of enthusiasm following the conference lifted Apple to a record close this Tuesday as investors learned of the company's AI enhancements, including allowing Siri to tap OpenAI's ChatGPT.
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