In trading on Friday, shares of Hoodboy Minerals Inc. (Symbol: HBM) entered the oversold area, with the hands convert to $ 6.04 per share. We define the oversold area using the relative power index, or RSI, a technical analysis indicator that is used to measure the speed of minus 100 to 100. If RSI reading falls below 30, a stock is considered oversold.
In the case of Hadboy Minerals Inc., RSI Reading has hit 29.9 – comparatively, the universe of metals and mining stock covered by metals channel is currently an average RSI of 37.3, Spot Gold is currently at RSI 8.5, and Spot Silver is currently 12.1. A bullish investor can see HBM’s 29.9 readings as a sign that recently heavy sales are in the process of eliminating themselves, and start looking for opportunities for the entry point on the purchase side.
Given a chart of one year of performance (below), the low point of HBM in its 52 -week range is $ 6.04 per share, as a high point of 52 weeks with $ 10.49 – as compared with the final trade of $ 6.33. Hudbay Minerals INC shares are currently trading more than 11% a day.
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The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
