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| Tanzanian Royalty Exploration Corp Stock Getting Very OversoldBy Metals Channel Staff, Thursday, November 10, 10:14 AM ET
In trading on Thursday, shares of Tanzanian Royalty Exploration Corp (AMEX:TRX) entered into oversold territory, changing hands as low as $2.87 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 Tanzanian Royalty Exploration Corp, 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 52.4, the RSI of Spot Gold is at 60.8, and the RSI of Spot Silver is presently 52.9. A bullish investor could look at TRX'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), TRX's low point in its 52 week range is $2.59 per share, with $7.82 as the 52 week high point — that compares with a last trade of $2.59. Tanzanian Royalty Exploration Corp shares are currently trading down about 16.1% on the day.
TRX operates in the Precious Metals sector, among companies like General Moly Inc (AMEX:GMO) which is up about 1.2% today, and Exeter Resource Corp (AMEX:XRA) trading up by about 3.5%. Below is a three month price history chart comparing the stock performance of TRX, versus GMO and XRA.
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