Bloomberg News

Egis Retreates on Signal Stock Overbought After Three-Day Rally

July 18, 2012

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.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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