The 10 most overbought and oversold ASX 200 stocks – Week 36

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

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

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.

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)

Data as at Friday, 21 August 2026 | Prior week (14-Aug) vs. Last week (21-Aug)