In Tuesday trading, shares of Vizsla Silver Corp. (symbol: VZLA) entered oversold territory, hitting a low of $3.58 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 Vizsla Silver Corp, the RSI reading has reached 29.3 – by comparison, the average RSI across the universe of metals and mining stocks covered by the Metals Channel is currently 54.0, Spot Gold’s RSI is 15.7, and Spot Silver’s RSI is currently 26.1. A bullish investor may view VZLA’s 29.3 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), VZLA’s low point in its 52-week range is $1.69 per share, with a 52-week high point of $7.19 – this compares to a previous trade of $3.71. Vizsla Silver Corp shares are currently trading down about 8.9%.
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