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Shares of XME Now Oversold

Tue, Nov 14, 10:54 AM ET, by ETF Channel

In trading on Tuesday, shares of the SPDR S&P Metals & Mining ETF (XME) entered into oversold territory, changing hands as low as $30.33 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. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of SPDR S&P Metals & Mining, the RSI reading has hit 29.9 by comparison, the RSI reading for the S&P 500 is currently 56.6.

A bullish investor could look at XME's 29.9 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

Looking at a chart of one year performance (below), XME's low point in its 52 week range is $27.86 per share, with $35.21 as the 52 week high point that compares with a last trade of $30.32. SPDR S&P Metals & Mining shares are currently trading down about 1.8% on the day.

SPDR S&P Metals & Mining 1 Year Performance Chart


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Read the original article at ETF Channel: Shares of XME Now Oversold


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SDI Glossary: "Oversold" Definition
This Article's Word Cloud:   Days   Looking   Metals   Mining   Oversold   Relative   SPDR   Seven   Special   Strength   ValueForum   adsbygoogle   analysis   below   bullish   case   changing   compares   comparison   currently   define   entered   entry   falls   heavy   income   indicator   into   investing   last   look   oversold   point   range   reading   selling   share   shares   side   sign   technical   territory   that   trading   used   using   week   which   with   zero

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