On October 12, the following stocks were determined to be overbought: Xyratex Ltd, and Global Industries Ltd. The demand for these stocks have pushed the prices of the underlying assets to levels that do not support the fundamentals. This is interpreted as a sign that the stocks are overvalued and may experience a pullback.
Shares of Xyratex Ltd (XRTX) traded higher by 2.00% or $0.23/share to $11.75. In the past year, the shares have traded as low as $7.58 and as high as $17.17. On average, 340540 shares of XRTX exchange hands on a given day and today's volume is recorded at 19211.
Shares of Global Industries Ltd (GLBL) fell by 0.06% or $-0.00/share to $7.91. In the past year, the shares have traded as low as $3.09 and as high as $10.22. On average, 4566570 shares of GLBL exchange hands on a given day and today's volume is recorded at 272179.
