Shares Of RING Now Oversold

In trading on Tuesday, shares of the iShares MSCI Global Gold Miners ETF (RING) entered into oversold territory, changing hands as low as $8.77 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 iShares MSCI Global Gold Miners, the RSI reading has hit 28.5 — by comparison, the RSI reading for the S&P 500 is currently 62.7.

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A bullish investor could look at RING's 28.5 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), RING's low point in its 52 week range is $8.77 per share, with $20.24 as the 52 week high point — that compares with a last trade of $8.81. iShares MSCI Global Gold Miners shares are currently trading off about 2.1% on the day.

iShares MSCI Global Gold Miners 1 Year Performance Chart

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