In the case of NovaGold Resources Inc., the RSI reading has hit 29.2 — 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 6.9, and the RSI of Spot Silver is presently 11.6. A bullish investor could look at NG's 29.2 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), NG's low point in its 52 week range is $2.225 per share, with $4.88 as the 52 week high point — that compares with a last trade of $3.27. NovaGold Resources Inc. shares are currently trading off about 4.8% on the day.
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