In trading on Monday, the Shares of the Worthington Steel Inc. (Symbol: WS) entered the oversold area, converting the hands into $ 24.22 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 Worthington Steel Inc., RSI Reading has hit 29.7 – comparatively, the universe of metals and mining shares covered by metals channel is currently an average RSI of 44.3, Spot Gold is currently at RSI 8.3, and Spot Silver is currently 14.0. A bullish investor can see WS’s 29.7 readings as a sign that recently heavy sales are in the process of eliminating themselves, and start looking for opportunities at the entry point on the purchase side.
Given a chart of one year of performance (below), WS has a low point in the 52 -week range $ 24.22 per share, as a high point of 52 weeks with $ 47.19 – which compares with the final trade of $ 24.77. Worthington Steel Ink shares are currently trading more than about 5.3% 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.
