Harmony Gold Mining Stock Getting Very Oversold | Commodities
In trading on Wednesday, shares of Harmony Gold Mining Co. Ltd. (Symbol: HMY) entered into oversold territory, altering arms as low as $3.44 per share. We outline oversold territory utilizing the Relative Strength Index, or RSI, which is a technical evaluation indicator used to measure momentum on a scale of zero to 100. A stock is taken into account to be oversold if the RSI studying falls under 30.
In the case of Harmony Gold Mining Co. Ltd., the RSI studying has hit 28.8 — by comparability, the universe of metals and mining stocks coated by Metals Channel presently has an average RSI of 39.9, the RSI of Spot Gold is at 35.2, and the RSI of Spot Silver is presently 37.7.
A bullish investor might take a look at HMY’s 28.8 studying as a signal that the current heavy promoting is within the course of of exhausting itself, and start to search for entry level alternatives on the buy aspect.
Looking at a chart of one 12 months efficiency (under), HMY’s low level in its 52 week vary is $3 per share, with $5.76 because the 52 week high level — that compares with a final trade of $3.44. Harmony Gold Mining Co. Ltd. shares are presently trading off about 2.8% on the day.
Click right here to seek out out what 9 different oversold metals stocks you need to find out about »
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
Stay up to date with the latest news within the commodities markets! Our web site is your go-to source for cutting-edge commodity news, market trends, insights, and updates on key assets. We present every day updates to make sure you have entry to the freshest data on commodity actions, industry efficiency, provide and demand shifts, and main market bulletins.
Explore how these trends are shaping the long run of international commodities! Visit us often for probably the most partaking and informative content material by clicking right here. Our fastidiously curated articles will keep you knowledgeable on market shifts, investment methods, commodity evaluation, and pivotal moments within the world of assets.
