Micron is one of the most overbought stocks after this week’s rally to new highs

Micron Technology emerged as one of the most overbought stocks this week as the stock market rallied to new record highs. Stocks ended the week higher, boosted by gains in the technology sector and optimism over a ceasefire extension in the Middle East, and all three major market averages scored new intraday and closing records on Friday. Investors showed special love for several individual stocks this week, pushing them far into overbought territory. CNBC Pro used its stock screener tool to identify such stocks, based on their 14-day relative strength index, or RSI. Stocks with a 14-day RSI above 70 are considered overbought, meaning that a pullback could be on the horizon. Conversely, a reading below 30 indicates that a stock is oversold and may soon be due for a potential rebound. The following table shows this week's most overbought names: Insatiable demand for Micron's memory chips in artificial intelligence applications drove its stock 29% higher this week. On Tuesday, Micron topped $1 trillion in market capitalization for the first time ever. Micron shares got a lift when UBS lifted its price target on the stock to $1,625, at a time when shares were selling for less than half that. The revised price forecast implies additional upside of 67% ahead, based on Micron's close Friday. …