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Featured MNV Articles: | HYMC Crosses Critical Technical IndicatorBy Metals Channel Staff, Wednesday, March 24, 4:11 PM ET
In trading on Wednesday, shares of Hycroft Mining Holding Corp (NASDAQ:HYMC) entered into oversold territory, changing hands as low as $4.8953 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 Hycroft Mining Holding Corp, the RSI reading has hit 28.2 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 47.2, the RSI of Spot Gold is at 42.1, and the RSI of Spot Silver is presently 37.6. A bullish investor could look at HYMC's 28.2 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), HYMC's low point in its 52 week range is $4.8953 per share, with $16.1713 as the 52 week high point — that compares with a last trade of $4.94. Hycroft Mining Holding Corp shares are currently trading down about 28.3% on the day.
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