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Overbought stocks, as the name suggest show's the highly overbought stocks, ones that can see some profit booking. They are often tracked using RSI (Relative strength Index) which has a value between 1 and 100. the level above 70 (in RSI), acts as a overbought zone, and if a stock's RSI continues to trade above it for a few days and then changes its trend downwards (dipping below 70), it gives a sense of some downside ahead