In Friday trading, shares of Orla Mining Ltd. (symbol: ORLA) entered oversold territory, with a low of $12 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. If the RSI reading falls below 30 then the stock is considered oversold.
In the case of Orla Mining Ltd., the RSI reading has reached 28.8 – by comparison, the average RSI across the universe of metals and mining stocks covered by the Metals Channel is currently 46.4, Spot Gold’s RSI is 5.7, and Spot Silver’s RSI is currently 15.4. A bullish investor may view ORLA’s 28.8 reading as a sign that the recent heavy selloff is in the process of coming to an end, and begin looking for entry point opportunities on the buy side.
Looking at the chart of one-year performance (below), ORLA’s low point in the 52 week range is $9.16 per share, with the 52 week high point being $21.98 – which compares to the previous trade of $12.03. Shares in Orla Mining Ltd are currently trading down about 2.1%.
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Further ORLA research:
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