Shares of MAG Now Oversold | Commodities
In trading on Tuesday, shares of MAG Silver Corp (Symbol: MAG) entered into oversold territory, altering palms as low as $12.49 per share. We outline oversold territory utilizing the Relative Strength Index, or RSI, which is a technical evaluation indicator used to measure momentum on a scale of zero to 100. A stock is taken into account to be oversold if the RSI studying falls beneath 30.
In the case of MAG Silver Corp, the RSI studying has hit 29.3 — by comparability, the universe of metals and mining stocks lined by Metals Channel at present has an average RSI of 36.8, the RSI of Spot Gold is at 7.5, and the RSI of Spot Silver is presently 12.4.
A bullish investor might take a look at MAG’s 29.3 studying as a signal that the latest heavy promoting is within the course of of exhausting itself, and start to search for entry level alternatives on the buy facet.
Looking at a chart of one 12 months efficiency (beneath), MAG’s low level in its 52 week vary is $11.29 per share, with $18.27 because the 52 week high level — that compares with a final trade of $12.52. MAG Silver Corp shares are at present trading off about 6.1% on the day.
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BST VideosThe views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
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