The most overbought stocks in the energy sector presents an opportunity to go short on these overvalued companies.

The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70.

Here’s the latest list of major overbought players in this sector.

BP Prudhoe Bay Royalty Trust (NYSE:BPT)

• BP Prudhoe Bay Royalty Trust recently said that unitholders will not receive a dividend payment for the quarter ended June 30, 2023. The company’s stock has a 52-week high of $18.90. .
• RSI Value: 73.35
• BPT Price Action: Shares of BP Prudhoe Bay Royalty Trust fell 9.4% to close at $7.33 on Wednesday.

Atlas Energy Solutions Inc. (NYSE:AESI)

• Atlas Energy Solution reported better-than-expected second-quarter financial results. Bud Brigham, Founder, Executive Chairman and CEO, commented, “We are extremely proud of our team's strong operational execution that underpinned robust second quarter results.” The company’s stock has a 52-week high of $21.78.
• RSI Value: 71.56
• AESI Price Action: Shares of Atlas Energy Solutions fell 2.5% to close at $20.86 on Wednesday.

CNX Resources Corporation (NYSE:CNX)

• CNX Resources posted weaker-than-expected second-quarter results. The company has a 52-week high of $20.51.
• RSI Value: 76.97
• CNX Price Action: Shares of CNX Resources fell 2% to close at $20.09 on Wednesday.

Tenaris S.A. (NYSE:TS)

• Tenaris reported better-than-expected second-quarter financial results. The company’s 52-week high is $38.00.
• RSI Value: 70.16
• TS Price Action: Shares of Tenaris fell 1.9% to close at $32.96 on Wednesday.

NOV Inc. (NYSE:NOV)

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