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| AEM Stock Crowded With SellersBy Metals Channel Staff, Monday, November 21, 11:45 AM ET
In trading on Monday, shares of Agnico-Eagle Mines Ltd (NYSE:AEM) entered into oversold territory, changing hands as low as $42.06 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 Agnico-Eagle Mines Ltd, the RSI reading has hit 27.7 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 43.0, the RSI of Spot Gold is at 42.3, and the RSI of Spot Silver is presently 39.2. A bullish investor could look at AEM's 27.7 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), AEM's low point in its 52 week range is $41.72 per share, with $88.20 as the 52 week high point — that compares with a last trade of $42.58. Agnico-Eagle Mines Ltd shares are currently trading off about 5.3% on the day.
According to the ETF Finder at ETF Channel, AEM makes up 3.05% of the Gold Miners ETF (AMEX:GDX) which is trading relatively unchanged on the day Monday. See what other ETFs contain AEM » AEM operates in the Precious Metals sector, among companies like Paramount Gold & Silver Corp (AMEX:PZG) which is down about 6.5% today, and Mountain Province Diamonds Inc. (AMEX:MDM) trading lower by about 3.8%. Below is a three month price history chart comparing the stock performance of AEM, versus PZG and MDM.
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