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| JAG Stock Crowded With BuyersBy Metals Channel Staff, Wednesday, November 16, 4:01 PM ET
In trading on Wednesday, shares of Jaguar Mining Inc (NYSE:JAG) entered into overbought territory, changing hands as high as $8.18 per share. We define overbought 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 overbought if the RSI reading rises above 70. In the case of Jaguar Mining Inc, the RSI reading has hit 73.8 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 53.6, the RSI of Spot Gold is at 57.5, and the RSI of Spot Silver is presently 52.9. A bearish investor could look at JAG's 73.8 reading as a sign that the recent heavy buying is in the process of exhausting itself, and shares are due for a pullback. Looking at a chart of one year performance (below), JAG's low point in its 52 week range is $4.03 per share, with $8.18 as the 52 week high point — that compares with a last trade of $7.83. Jaguar Mining Inc shares are currently trading up about 45.5% on the day.
JAG operates in the Precious Metals sector, among companies like MAG Silver Corp (AMEX:MVG) which is off about 3.6% today, and Golden Star Resources Ltd. (AMEX:GSS) trading lower by about 3.8%. Below is a three month price history chart comparing the stock performance of JAG, versus MVG and GSS.
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