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In trading on Friday, shares of SSR Mining Inc (Symbol: SSRM) entered into oversold territory, changing hands as low as $14.132 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In the case of SSR Mining Inc, the RSI reading has hit 29.98 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 48.7, the RSI of Spot Gold is at 9.5, and the RSI of Spot Silver is presently 13.5.
A bullish investor could look at SSRM’s 29.98 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), SSRM’s low point in its 52 week range is $12.835 per share, with $24.58 as the 52 week high point — that compares with a last trade of $14.22. SSR Mining Inc shares are currently trading off about 9.8% on the day.
Also see:
Top High Dividend Yield Stocks
SHLO market cap history
BCAC Historical Stock Prices
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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