In the case of Freeport-McMoran Copper & Gold, the RSI reading has hit 28.3 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 49.1, the RSI of Spot Gold is at 10.4, and the RSI of Spot Silver is presently 17.3. A bullish investor could look at FCX's 28.3 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), FCX's low point in its 52 week range is $35.46 per share, with $55.235 as the 52 week high point — that compares with a last trade of $35.73. Freeport-McMoran Copper & Gold shares are currently trading off about 2.5% on the day.
Click here to find out what 9 other oversold metals stocks you need to know about »
Also see:
Preferred Stocks By Industry CARE Historical PE Ratio
Institutional Holders of DSL
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
