The 10 most overbought and oversold ASX 200 stocks – Week 38
Ramsay tops the overbought list for a third week while rate-sensitive real estate and consumer names fill out the oversold side.
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Reporting season winners are still holding the top of the overbought list, led by Ramsay Health Care for a third straight week. The oversold list tells the opposite story, dominated by rate-sensitive real estate and a consumer that continues to struggle.
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
Ramsay Health Care has now topped the overbought list for three straight weeks, a reminder of what a genuine beat can do to a stock. The FY26 result and guidance (27-Aug) featured:
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
For context, Ramsay has gone nowhere for more than a decade and sits about 30% below its April 2022 record high even on a total return basis. The company spent that decade buying growth offshore, and acquisitions in France and the UK never delivered it, while wage growth and the fallout from the pandemic continued to weigh on the broader sector. The Santé separation and improving Australian margins now point to a simpler business emerging.
Elsewhere, the ASX 200 dipped 2.9% last week so very few stocks withstood the broader tide. What remains overbought is mostly energy, spanning oil and gas, refiners and coal, plus reporting season winners like Ansell, Reliance and AMP.
Ticker | Company | RSI | 1 Week % | 1 Month % | Close Price |
|---|---|---|---|---|---|
RHC | Ramsay Health Care | 79 | 2.4% | 19.3% | $53.55 |
NHC | New Hope | 72 | 3.8% | 17.9% | $6.33 |
STO | Santos | 69 | 4.6% | 6.8% | $8.59 |
ANN | Ansell | 67 | -2.2% | 18.0% | $41.34 |
VEA | Viva Energy Group | 66 | 4.8% | 11.4% | $3.04 |
APA | APA Group | 65 | 0.1% | 8.3% | $10.92 |
AMP | AMP | 64 | -0.8% | 5.6% | $2.46 |
RWC | Reliance Worldwide | 64 | 2.6% | 16.0% | $4.28 |
SDF | Steadfast Group | 62 | 0.4% | 8.4% | $5.71 |
GNC | Graincorp | 61 | -3.8% | 20.6% | $6.55 |
Data as at Friday, 11 September 2026
Most Oversold ASX 200 Stocks
Wesfarmers didn't report anything especially bad at its FY26 result on 27 August, with most key metrics landing in line with market expectations. The problem is a stock trading around 30x earnings into a backdrop of growing RBA rate hike expectations, high oil prices, which also squeeze the chemicals division through ammonia pricing, and a deteriorating consumer.
The September Westpac consumer sentiment index fell 5.2% month-on-month to 84.4, back towards the deeply pessimistic levels seen earlier in the year. The retail-related items from the data include:
'Time to buy a major household item' fell 4.8%, one of the milder component declines but still leaving the subindex in pessimistic territory and well below its long-run average
Mortgage holders pulled back hardest, with sentiment across the group down 14% and 'time to buy a major item' down 18%, a direct read-through for discretionary retail volumes into the December quarter
Family finances versus a year ago dropped 9.2% to 72.6, giving back almost all of August's gain
Elsewhere, the rate-sensitive real estate sector has been smashed in recent weeks, with the S&P/ASX 200 Real Estate index down 12% since 5 August. Plenty of names screen oversold, including Waypoint REIT, GPT Group and Charter Hall Retail REIT.
Ticker | Company | RSI | 1 Week % | 1 Month % | Close Price |
|---|---|---|---|---|---|
WES | Wesfarmers | 18 | -6.3% | -17.7% | $72.82 |
ABB | Aussie Broadband | 21 | -3.6% | -18.0% | $4.00 |
WPR | Waypoint REIT | 22 | -4.7% | -10.4% | $2.23 |
CHC | Charter Hall Group | 22 | -4.6% | -22.4% | $18.12 |
GQG | GQG Partners | 23 | -10.3% | -23.4% | $1.10 |
GPT | GPT Group | 23 | -4.8% | -15.1% | $4.39 |
TLC | The Lottery Corp | 24 | -3.6% | -11.1% | $4.81 |
NWL | Netwealth Group | 24 | -6.5% | -21.0% | $19.04 |
NEC | Nine Entertainment | 25 | -15.9% | -21.0% | $0.77 |
CQR | Charter Hall Retail REIT | 25 | -6.1% | -11.3% | $3.69 |
Data as at Friday, 11 September 2026
How the previous week's lists fared
Names on the overbought list from two weeks ago fell 1.5% on average in a challenged market. Only Ramsay, New Hope and Elders bucked the trend, with Elders riding soaring agricultural commodity prices.
Ticker | Company | RSI | Prior week | Close price | % Chg |
|---|---|---|---|---|---|
RHC | Ramsay Health Care | 78 | $52.29 | $53.55 | 2.4% |
ANN | Ansell | 77 | $42.26 | $41.34 | -2.2% |
CSL | CSL | 77 | $174.50 | $167.10 | -4.2% |
GNC | Graincorp | 75 | $6.81 | $6.55 | -3.8% |
NHC | New Hope | 73 | $6.10 | $6.33 | 3.8% |
ELD | Elders | 71 | $6.21 | $6.33 | 1.9% |
PRU | Perseus Mining | 70 | $6.77 | $6.41 | -5.3% |
RSG | Resolute Mining | 70 | $1.48 | $1.37 | -7.1% |
AMP | AMP | 69 | $2.48 | $2.46 | -0.8% |
APA | APA Group | 69 | $10.91 | $10.92 | 0.1% |
RSI and prior week as at Friday, 4 September vs. Friday, 11 September close
On the oversold side from the same list, Downer finally bounced 4.5% across 7-8 September after its post-result de-rate on 20 August. Ingenia Communities rallied 14.7% in a single session on 7 September after rejecting a $4.75 cash per share takeover offer from US private equity firm Warburg Pincus. The other eight names fell an average 4.4%.
Ticker | Company | RSI | Prior week | Close price | % Chg |
|---|---|---|---|---|---|
DOW | Downer EDI | 19 | $6.37 | $6.57 | 3.1% |
PNI | Pinnacle Investment Management | 23 | $14.27 | $13.92 | -2.5% |
ABB | Aussie Broadband | 24 | $4.15 | $4.00 | -3.6% |
WES | Wesfarmers | 26 | $77.73 | $72.82 | -6.3% |
INA | Ingenia Communities | 27 | $3.65 | $3.97 | 8.8% |
CHC | Charter Hall Group | 27 | $19.00 | $18.12 | -4.6% |
ALX | Atlas Arteria | 27 | $4.57 | $4.47 | -2.2% |
GQG | GQG Partners | 28 | $1.22 | $1.10 | -10.2% |
SGH | SGH | 29 | $38.40 | $37.71 | -1.8% |
TLC | The Lottery Corporation | 30 | $4.99 | $4.81 | -3.6% |
RSI and prior week as at Friday, 4 September vs. Friday, 11 September close
