Companhia Siderurgica Nacional Stock Shows Signs of Being Oversold
Current Trading Status and RSI Analysis
On Wednesday, shares of Companhia Siderurgica Nacional (Symbol: SID) dropped to $1.82 each, entering oversold territory. The Relative Strength Index, or RSI, is a key technical analysis tool that helps assess stock momentum on a scale from zero to 100. A stock is deemed oversold if its RSI falls below 30.
For Companhia Siderurgica Nacional, the RSI reading reached 29.8. To put this in perspective, the average RSI for metals and mining stocks monitored by Metals Channel is currently 43.2. In comparison, Spot Gold and Spot Silver have RSIs of 6.4 and 11.5, respectively.
Potential for Investors Amid Declining Prices
Investors looking for buying opportunities may interpret SID’s RSI reading of 29.8 as a signal that the recent wave of selling could be nearing its end. This could present a moment to consider entry points for investment.
Stock Performance Overview
A look at the past year reveals that SID’s lowest point over 52 weeks was $1.82, while its highest was $4.03. The stock recently traded at $1.84, reflecting a decline of about 5.4% on Wednesday.
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Also see:
- Funds Holding CART
- LGMK market cap history
- PATI YTD Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
