In trading on Tuesday, shares of Tasman Metals Ltd. (TAS) entered into oversold territory, changing hands as low as $0.91 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 Tasman Metals Ltd., the RSI reading has hit 27.1 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 48.9, the RSI of Spot Gold is at 35.9, and the RSI of Spot Silver is presently 27.7. A bullish investor could look at TAS's 27.1 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), TAS's low point in its 52 week range is $0.66 per share, with $1.89 as the 52 week high point — that compares with a last trade of $0.91. Tasman Metals Ltd. shares are currently trading down about 4.2% on the day.
More from Stocks
Caesars, FedEx, Trade Talks, Daimler and 'Toy Story 4' - 5 Things You Must Know
U.S. stock futures rise as investors look to the upcoming G-20 summit in Osaka, Japan, for a breakthrough in U.S.-China trade talks; Eldorado Resorts agrees to merge with Caesars Entertainment, a report says; FedEx is forced to issue its second apology in as many months for failing to complete the shipping of a package linked to China's Huawei.
Eldorado and Caesars Roll Dice With $18 Billion Casino Merger Bet - Reports
Eldorado Resorts is set to unveil an $18 billion merger proposal with Caesars Entertainment multiple media outlets reported Sunday, in a move that would challenge industry leaders such as Wynn Resorts and MGM Resorts International.
Dow Futures Rise, Global Stocks Edge Higher, as US-China Trade Detente Nears
U.S. stocks look set to test all time highs again Monday, following a third consecutive weekly gain for all three benchmarks on Wall Street, as investors continue to bet that central bank support will boost global equities and this weekend's G20 Summit in Osaka will trigger a breakthrough in U.S.-China trade talks.
Daimler Shares Tumble After Emissions-Linked Profit Warning, German Recall Order
Daimler shares traded sharply lower in Frankfurt Monday after the luxury automaker issued a surprise 2019 profit warning linked to the increased cost of meeting European and global emissions standards.
Fedex Issues Second Apology for Mishandled Huawei Package; China Mulls Options
FedEx shares slipped lower in pre-market trading Monday after the group was forced to issue its second apology in as many months for failing to complete the shipping of a package linked to China-backed Huawei Technologies.