Forbes reported shares of Cameco Corp. (TSX:CCO,NYSE: CCJ) trading as low as $16.85 a share entered into oversold territory.
As quoted in the market news:
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 Cameco Corp., the RSI reading has hit 30.0 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 39.8, the RSI o fSpot Gold is at 47.7, and the RSI of Spot Silver is presently 48.9.