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POSCO Stock Getting Very Oversold

By Metals Channel Staff, Monday, March 4, 11:35 AM ET
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In trading on Monday, shares of POSCO (NYSE:PKX) entered into oversold territory, changing hands as low as $77.60 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 POSCO , the RSI reading has hit 28.4 by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 37.3, the RSI of Spot Gold is at 32.9, and the RSI of Spot Silver is presently 32.0.

A bullish investor could look at PKX's 28.4 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), PKX's low point in its 52 week range is $71.32 per share, with $95.27 as the 52 week high point that compares with a last trade of $77.66. POSCO shares are currently trading down about 3.4% on the day.

POSCO  1 Year Performance Chart

According to the ETF Finder at ETF Channel, PKX makes up 7.92% of the Steel ETF (AMEX:SLX) which is trading relatively unchanged on the day Monday.

See what other ETFs contain PKX
See what other stocks are held by SLX

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This Article's Word Cloud:   AMEX   According   Average   Channel   Definition   ETFs   Earnings   Index   Industrial   Manage   Metals   Monday   POSCO   Relative   Risk   Silver   Spot   Steel   Strength   about   analysis   below   comparison   currently   hands   heavy   look   mining   momentum   other   oversold   point   range   reading   recent   scale   share   shares   slideshow   stocks   territory   that   trading   unchanged   week   what   which   with   year   zero

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