Egis Retreates on Signal Stock Overbought After Three-Day Rally
Egis Gyogyszergyar Nyrt. (EGIS), a Hungarian drugmaker, fell for the first time in four days as a technical indicator showed the stock was overbought.
The shares dropped 0.9 percent to 15,665 forint by 11:24 a.m. in Budapest. The 4.3 percent advance in the past three days pushed the stock’s 14-day relative strength index to 72, above the 70 level which indicates to some analysts that a security is oversold. The RSI last stood at 68.
“Egis is soon becoming overbought,” Erste Group Bank AG wrote in a research report sent by e-mail today.
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