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PAL Stock Crowded With Sellers

By Metals Channel Staff, Wednesday, December 14, 11:43 AM ET
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In trading on Wednesday, shares of North American Palladium Ltd. (PAL) entered into oversold territory, changing hands as low as $2.52 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 North American Palladium Ltd., the RSI reading has hit 29.2 by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 37.6, the RSI of Spot Gold is at 26.5, and the RSI of Spot Silver is presently 29.3.

A bullish investor could look at PAL's 29.2 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), PAL's low point in its 52 week range is $1.97 per share, with $7.99 as the 52 week high point that compares with a last trade of $2.54. North American Palladium Ltd. shares are currently trading off about 6.5% on the day.

North American Palladium Ltd. 1 Year Performance Chart

According to the ETF Finder at ETF Channel, PAL makes up 4.29% of the First Trust ISE Global Platinum Index Fund ETF (NYSE:PLTM) which is trading lower by about 3% on the day Wednesday.

See what other ETFs contain PAL
See what other stocks are held by PLTM

PAL operates in the Precious Metals sector, among companies like Kimber Resources Inc (KBX) which is off about 2% today, and Quaterra Resources Inc (QMM) trading lower by about 4.4%. Below is a three month price history chart comparing the stock performance of PAL, versus KBX and QMM.

PAL,KBX,QMM Relative Performance Chart


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