In trading on Tuesday, shares of Ryerson Holding Corp (RYI - Get Report) entered into oversold territory, changing hands as low as $10.50 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 Ryerson Holding Corp, the RSI reading has hit 27.5 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 57.0, the RSI of Spot Gold is at 70.1, and the RSI of Spot Silver is presently 63.4. A bullish investor could look at RYI's 27.5 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), RYI's low point in its 52 week range is $2.53 per share, with $19.71 as the 52 week high point — that compares with a last trade of $10.55. Ryerson Holding Corp shares are currently trading down about 6.6% on the day.
TheStreet’s Fundamentals of Investing Course will teach you the keys to making the right decisions in any market.
TheStreet’s Personal Finance Essentials Course will teach you money management basics and investing strategies to help you avoid major financial pitfalls.
TheStreet Courses offers dedicated classes designed to improve your investing skills, stock market knowledge and money management capabilities.
More from Stocks
How Does Home Depot's Earnings Set Up for Lowe's Stock?
The more the market knows about the weaknesses cited by Home Depot, the more cushion Lowe's has ahead of earnings.
Mallinckrodt Is Circling the Drain - Do Not Go Down With It
Let's examine a couple of charts.
Stocks Advance, Tech Shares Rebound as U.S. Eases Huawei Restrictions
Stocks climb Tuesday as the Commerce Department eases restrictions on China's Huawei.
Uber Bull v. Bear Case Emerges, As Susquehanna Financial Initiates Coverage
One of Uber's biggest bears isn't worried about profitability, but rather something else that may surprise many.