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POSCO Holdings (PKX) Shares Enter Oversold Territory

By Metals Channel Staff, Thursday, October 19, 11:35 AM ET
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In trading on Thursday, shares of POSCO Holdings Inc (NYSE:PKX) entered into oversold territory, changing hands as low as $87.73 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 Holdings Inc, 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 46.7, the RSI of Spot Gold is at 14.4, and the RSI of Spot Silver is presently 19.5.

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 $41.80 per share, with $133.085 as the 52 week high point — that compares with a last trade of $88.77. POSCO Holdings Inc shares are currently trading off about 3% on the day.

POSCO Holdings Inc 1 Year Performance Chart


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