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| Shares of TRX Now OversoldBy Metals Channel Staff, Monday, January 7, 4:13 PM ET
In trading on Monday, shares of Tanzanian Royalty Exploration Corp (AMEX:TRX) entered into oversold territory, changing hands as low as $3.81 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 Tanzanian Royalty Exploration Corp, the RSI reading has hit 29.3 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 56.8, the RSI of Spot Gold is at 37.7, and the RSI of Spot Silver is presently 39.3. A bullish investor could look at TRX's 29.3 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), TRX's low point in its 52 week range is $2.62 per share, with $5.34 as the 52 week high point — that compares with a last trade of $3.87. Tanzanian Royalty Exploration Corp shares are currently trading down about 3.5% on the day.
According to the ETF Finder at ETF Channel, TRX makes up 1.02% of the Junior Gold Miners ETF (AMEX:GDXJ) which is trading lower by about 0.8% on the day Monday. See what other ETFs contain TRX » Special Offer: Manage the risks of the markets better with a free 30 day trial to the Strategic Risk Management System.
Find the right mix of model portfolios today at PortfolioChannel.com
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