iShares MSCI Global Gold Miners (RING) Enters Oversold Territory

In trading on Friday, shares of the iShares MSCI Global Gold Miners ETF (RING) entered into oversold territory, changing hands as low as $16.9401 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 29.7 — by comparison, the RSI reading for the S&P 500 is currently 32.0.

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A bullish investor could look at RING's 29.7 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 $16.86 per share, with $21.099 as the 52 week high point — that compares with a last trade of $17.13. iShares MSCI Global Gold Miners shares are currently trading down about 2.5% on the day.

iShares MSCI Global Gold Miners 1 Year Performance Chart

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