If you're the type of investor who watches momentum indicators closely, two energy stocks might be worth a second look right now. And not necessarily in a good way.

As of January 15, 2026, both SLB NV (SLB) and Suncor Energy Inc. (SU) are flashing overbought signals based on the Relative Strength Index, a popular momentum gauge that compares how a stock performs on up days versus down days. When the RSI climbs above 70, technical analysts typically consider an asset overbought, meaning it might be due for a breather after a strong run.

Here's what's happening with each stock.

SLB: Venezuela Talks Fuel Rally

SLB has been on a tear lately, with shares jumping roughly 21% over the past month. The Financial Times reported that the oilfield services giant is in discussions with U.S. officials, Chevron, and others about expanding operations in Venezuela. That news has clearly caught investors' attention.

RSI Value: 76.5

Recent Performance: Shares gained 2.3% to close at $46.97 on Wednesday, approaching the company's 52-week high of $47.72.

Ratings Snapshot: The stock carries a momentum score of 78.67, though its value score sits considerably lower at 36.41.

Suncor Energy: Goldman Boost Drives Momentum

Suncor Energy (SU) has also enjoyed a solid month, climbing about 14% after Goldman Sachs analyst Neil Mehta maintained a Buy rating on January 2 and raised his price target from $46 to $48.

RSI Value: 78.1

Recent Performance: Shares rose 3.2% to close at $49.65 on Wednesday, nearing the stock's 52-week high of $50.12.

For momentum traders, elevated RSI readings don't necessarily mean it's time to panic and sell, but they do suggest caution. Overbought conditions can persist during strong rallies, but they also increase the odds of a near-term pullback as some traders take profits. Whether these energy names continue climbing or take a breather will likely depend on how oil prices behave and whether the catalysts driving their recent gains continue to play out.