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Shares Of MRZLF Now Oversold

In trading on Wednesday, shares of Mirasol Resources Ltd entered into oversold territory, changing hands as low as $1.0499 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 Mirasol Resources Ltd, the RSI reading has hit 29.0 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 34.4, the RSI of Spot Gold is at 23.9, and the RSI of Spot Silver is presently 22.9.

Click here to find out what 9 other oversold metals stocks you need to know about »

A bullish investor could look at MRZLF's 29.0 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), MRZLF's low point in its 52 week range is $1.0499 per share, with $2.91 as the 52 week high point — that compares with a last trade of $1.05. Mirasol Resources Ltd shares are currently trading off about 3.2% on the day.

Mirasol Resources Ltd 1 Year Performance Chart