Gold Miners ETF Enters Oversold Territory
The Gold Miners ETF (Symbol: GDX) saw significant trading activity on Monday, with shares dropping to as low as $36.19 each, indicating an oversold condition. This situation is assessed using the Relative Strength Index (RSI), a tool that gauges stock momentum on a scale from zero to 100. A stock is classified as oversold when its RSI drops below 30.
Currently, GDX’s RSI is at 29.5, highlighting a stark contrast with the S&P 500’s RSI, which stands at a much healthier 68.5. For investors with a bullish outlook, such an RSI reading may suggest that the recent wave of selling is losing steam, offering potential buying opportunities.
Examining the past year, GDX’s share price has fluctuated, hitting a low of $25.67 and a peak of $44.22. The latest trading price of $36.84 indicates a decline of approximately 5.9% for the day.
Discover 9 other oversold stocks to watch »
Additional Resources:
- DRIP Returns Calculator
- MAAX YTD Return
- HTD Dividend History
The views and opinions expressed herein are solely those of the author and do not necessarily represent those of Nasdaq, Inc.
