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| McEwen Mining Inc. (MUX) Shares Enter Oversold TerritoryBy Metals Channel Staff, Wednesday, November 14, 4:30 PM ET
In trading on Wednesday, shares of McEwen Mining Inc. (NYSE:MUX) entered into oversold territory, changing hands as low as $3.64 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 McEwen Mining Inc., the RSI reading has hit 29.6 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 37.7, the RSI of Spot Gold is at 46.4, and the RSI of Spot Silver is presently 47.7. A bullish investor could look at MUX's 29.6 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), MUX's low point in its 52 week range is $1.96 per share, with $6.17 as the 52 week high point — that compares with a last trade of $3.67. McEwen Mining Inc. shares are currently trading down about 6.1% on the day.
According to the ETF Finder at ETF Channel, MUX makes up 2.98% of the SPDR S&P Metals and Mining ETF (AMEX:XME) which is trading lower by about 2.6% on the day Wednesday. See what other ETFs contain MUX » Special Offer: Find out what Dave Moenning is holding in the ETF Channel Flexible Growth Investment Portfolio with 30 Days Free.
Find the right mix of model portfolios today at PortfolioChannel.com
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