Shares of GCA Now Overbought Friday, December 2, 2:11 PM ET, by Market News Video Staff In trading on Friday, shares of Global Cash Access Holdings Incorporated (GCA) entered into overbought ...
In trading on Wednesday, shares of Global Cash Access Holdings Incorporated (NYSE:GCA) entered into overbought territory, changing hands as high as $5.18 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 Global Cash Access Holdings Incorporated, the RSI reading has hit 70.2 — by comparison, the RSI reading for the S&P 500 ETF (SPY) is presently 69.2.
Investors could look at GCA's 70.2 reading as a sign that the recent heavy buying is overdue to take a break, which could bring a pullback in the stock. The chart below shows the one year performance of GCA shares:
Looking at the chart above, GCA's low point in its 52 week range is $2.07 per share, with $5.18 as the 52 week high point — that compares with a last trade of $5.08.
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