Coeur Mining (CDE) Shares Enter Oversold Territory

Shutterstock photo

In trading on Wednesday, shares of Coeur Mining Inc (Symbol: CDE) entered into oversold territory, changing hands as low as $6.82 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 Coeur Mining Inc, the RSI reading has hit 28.0 - by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 45.1, the RSI of Spot Gold is at 40.2, and the RSI of Spot Silver is presently 31.0. A bullish investor could look at CDE's 28.0 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), CDE's low point in its 52 week range is $6.82 per share, with $12.30 as the 52 week high point - that compares with a last trade of $6.87. Coeur Mining Inc shares are currently trading off about 2.1% on the day.

Coeur Mining Inc 1 Year Performance Chart

According to the ETF Finder at ETF Channel, CDE makes up 10.38% of the Silver Miners ETF (Symbol: SIL) which is trading relatively unchanged on the day Wednesday.

Click here to find out what 9 other oversold metals stocks you need to know about »

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Commodities
Referenced Symbols: CDE , SIL

More from BNK Invest


BNK Invest

BNK Invest

Market News, Investing

Research Brokers before you trade

Want to trade FX?