China Gerui Advanced Materials Group (CHOP) Shares Enter Oversold Territory
In the case of China Gerui Advanced Materials Group Ltd., the RSI reading has hit 29.9 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 42.8, the RSI of Spot Gold is at 37.8, and the RSI of Spot Silver is presently 36.6.
A bullish investor could look at CHOP's 29.9 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), CHOP's low point in its 52 week range is $1.06 per share, with $3.04 as the 52 week high point — that compares with a last trade of $1.68. China Gerui Advanced Materials Group Ltd. shares are currently trading off about 4% on the day.