The 10 most overbought and oversold ASX 200 stocks – Week 36
I'm LongbridgeAI, I can summarize articles.Week 36 ASX 200 analysis highlights Ramsay Healthcare as the most overbought stock following strong FY26 results, while Downer EDI is the most oversold due to cautious guidance. CSL remains overbought despite in-line earnings. Consumer stocks like JB Hi-Fi and Wesfarmers face pressure from slowing sales growth and high valuations, with the market punishing softer qualitative outlooks.
Reporting season has done what it always does, separating the market into stocks that can't stop rising and stocks nobody wants to catch.
The 14-day Relative Strength Index is a momentum indicator that measures the magnitude and speed of recent price changes to assess whether or not a stock is overbought or oversold. An RSI of 70 or above is considered to be overbought, which means the stock is rising too quickly and likely to experience a pullback. Meanwhile, an RSI of 30 or below is considered to be oversold, which means the stock is falling too quickly and is likely to experience a rebound.
Most Overbought ASX 200 Stocks
The slow-moving moving Ramsay Healthcare surged into overbought territory after a 13.7% rally on its FY26 result (27-Aug), where earnings and dividends topped market expectations.
- Group underlying EBIT up 11.5% to $1,162.2m vs $1,082m ests (7% beat)
- Underlying NPAT up 20.6% to $365.4m, or up 23% in constant currency, with every region growing earnings
- Full year dividend up 13.8% to 91 cps vs 85 cps ests (7% beat)
- FY27 guidance points to further earnings growth and margin improvement in Australia and both UK businesses, with capex falling to $480–520m
| Ticker | Company | RSI | 1 Week % | 1 Month % | Close Price |
|---|---|---|---|---|---|
| RHC | Ramsay Health Care | 81 | 14.5% | 16.6% | $51.53 |
| PRU | Perseus Mining | 79 | 10.2% | 38.5% | $6.73 |
| CSL | CSL | 78 | 2.4% | 34.7% | $172.32 |
| RSG | Resolute Mining | 78 | 7.1% | 59.4% | $1.44 |
| SDF | Steadfast Group | 78 | 3.2% | 12.3% | $5.83 |
| ANN | Ansell | 75 | 17.5% | 24.1% | $40.99 |
| GNC | Graincorp | 75 | 11.5% | 10.5% | $6.23 |
| NEM | Newmont | 75 | 1.6% | 40.1% | $182.80 |
| ALK | Alkane Resources | 74 | 7.2% | 46.4% | $1.93 |
| RRL | Regis Resources | 74 | 1.3% | 45.7% | $8.61 |
Data as at Friday, 28 August 2026
Most Oversold ASX 200 Stocks
A handful of stocks like Centuria Capital, Ingenia Communities and Pexa tumbled on results last week. Downer tumbled 10.3% on the day of its FY26 result (20-Aug) and has failed to bounce, down a further 1.4% since. The numbers weren't all that bad, but the market wasn't tolerant of the qualitative guidance that flagged a larger-than-normal 2H27 skew and decline in revenue and margins in the first half.
- Revenue down 7.5% to $9,744.8m vs $10,158m ests (4.1% miss)
- Underlying NPAT up 11.0% to $293.9m vs $290m ests (1.3% beat)
- Total dividends up 17.3% to 29.2 cps fully franked vs 27.9 cps ests (4.7% beat)
- Work-in-hand up 10% to $38.5bn on $12.2bn of new work, with Facilities up 20.2% and around 90% government-related
- FY27 guidance qualitative only, targeting revenue and earnings growth with margin improvement but a larger than normal second-half skew and 1H27 below the pcp, against ests of 5% EBITA growth
| Ticker | Company | RSI | 1 Week % | 1 Month % | Close Price |
|---|---|---|---|---|---|
| DOW | Downer EDI | 18 | -0.5% | -15.6% | $6.56 |
| HDN | Homeco Daily Needs REIT | 20 | -4.8% | -13.4% | $1.10 |
| ALX | Atlas Arteria | 20 | -3.9% | -8.3% | $4.63 |
| CNI | Centuria Capital | 22 | -12.8% | -19.3% | $1.20 |
| INA | Ingenia Communities | 23 | -13.4% | -14.4% | $3.69 |
| WES | Wesfarmers | 26 | -3.1% | -10.6% | $79.79 |
| PXA | Pexa Group | 26 | -17.5% | -7.9% | $6.68 |
| SCG | Scentre Group | 27 | -4.1% | -9.7% | $3.52 |
| RGN | Region Group | 27 | -1.8% | -7.1% | $2.22 |
| CHC | Charter Hall | 27 | -5.6% | -16.1% | $19.55 |
Data as at Friday, 28 August 2026
Last week's list
CSL was last week's most overbought stock and it's kept grinding higher, a reminder that the trend is your friend (until it isn't). The FY26 result was no gamechanger, but it ended a run of five straight results the stock sold off on. The numbers came in better-than-feared and FY27 guidance landed a small beat against consensus.
- Total revenue down 1% to US$15.8bn vs US$15,423m ests (2% beat)
- Underlying NPATA down 2% to US$3.1bn vs Macquarie's $3.05bn (1.6% beat)
- FY27 guidance for revenue in line with FY26 and underlying NPAT growth of approximately 5%, against consensus of ~2% EPS growth and Macquarie's flat growth
Last week's most overbought stocks (21-Aug) averaged a 2.0% gain over the following week, though that was largely gold doing the work again.
| Ticker | Company | RSI | Prior Week | Last Week | % Chg |
|---|---|---|---|---|---|
| CSL | CSL | 81 | $168.30 | $172.32 | 2.4% |
| NEM | Newmont | 78 | $179.85 | $182.80 | 1.6% |
| OBM | Ora Banda | 78 | $1.62 | $1.59 | -1.9% |
| RSG | Resolute Mining | 77 | $1.34 | $1.44 | 7.1% |
| RRL | Regis Resources | 76 | $8.50 | $8.61 | 1.3% |
| VAU | Vault Minerals | 75 | $6.78 | $6.93 | 2.2% |
| ALK | Alkane Resources | 74 | $1.80 | $1.93 | 6.9% |
| GMD | Genesis Minerals | 74 | $8.32 | $8.57 | 3.0% |
| RWC | Reliance Worldwide | 74 | $4.41 | $4.17 | -5.4% |
| SDF | Steadfast Group | 74 | $5.65 | $5.83 | 3.2% |
Data as at Friday, 21 August 2026 | Prior week (14-Aug) vs. Last week (21-Aug)
The oversold list went the other way, down an average 1.0%. The market is still punishing the softer consumer-facing results, many of them from stocks trading at elevated multiples (both outright and against historical averages). JB Hi-Fi's FY26 result was broadly in-line with market expectations, but the key concern was the deterioration in sales growth from Q1 to Q4.
- Total sales up 4.8% to $11.06bn
- NPAT up 2.9% to $489.9m
- Full-year ordinary dividend up 22.5% to 337.0 cps
- Momentum the issue: JB Hi-Fi Australia total sales growth by quarter ran 6.0% in Q1, 6.5% in Q2, 4.0% in Q3 and just 0.3% in Q4
- On the consumer: "customers are making a choice around where they're willing to spend money... they're trading down by spending a similar amount as they did last year to get a product with less specs."
Wesfarmers was broadly in line too, but an in-line result isn't enough to hold up a ~30x multiple.
- Revenue up 3.4% to $47,274m vs $47,246m ests (in line)
- EBIT (ex-items) up 7.3% to $4,493m vs $4,442m ests (1% beat)
- NPAT (ex-items) up 8.3% to $2,874m vs $2,833m ests (1% beat)
- Full-year dividend up 7.8% to 222 cps vs 219.2 cps ests (1% beat)
| Ticker | Company | RSI | Prior Week | Last Week | % Chg |
|---|---|---|---|---|---|
| DOW | Downer EDI | 12 | $6.59 | $6.56 | -0.5% |
| AZJ | Aurizon Holdings | 23 | $3.65 | $3.76 | 3.0% |
| WES | Wesfarmers | 27 | $82.37 | $79.79 | -3.1% |
| JBH | JB HI-FI | 27 | $69.20 | $67.08 | -3.1% |
| WBC | Westpac | 28 | $33.83 | $33.90 | 0.2% |
| QAN | Qantas Airways | 28 | $9.25 | $9.58 | 3.6% |
| HDN | Homeco Daily Needs REIT | 28 | $1.16 | $1.10 | -5.2% |
| CBA | Commonwealth Bank | 28 | $157.99 | $157.25 | -0.5% |
| PMV | Premier Investments | 29 | $11.55 | $11.62 | 0.6% |
| CHC | Charter Hall | 29 | $20.71 | $19.55 | -5.6% |
Data as at Friday, 21 August 2026 | Prior week (14-Aug) vs. Last week (21-Aug)