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| Commercial Metals Co. (CMC) Shares Enter Oversold TerritoryBy Metals Channel Staff, Wednesday, May 16, 4:04 PM ET
In trading on Wednesday, shares of Commercial Metals Co. (NYSE:CMC) entered into oversold territory, changing hands as low as $12.78 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 Commercial Metals Co., the RSI reading has hit 29.4 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 30.7, the RSI of Spot Gold is at 20.9, and the RSI of Spot Silver is presently 20.4. A bullish investor could look at CMC's 29.4 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), CMC's low point in its 52 week range is $8.64 per share, with $16.48 as the 52 week high point — that compares with a last trade of $12.79. Commercial Metals Co. shares are currently trading down about 1.6% on the day.
According to the ETF Finder at ETF Channel, CMC makes up 3.45% of the SPDR S&P Metals and Mining ETF (AMEX:XME) which is trading lower by about 2.1% on the day Wednesday. See what other ETFs contain CMC » Special Offer: Manage the risks of the markets better with a free 30 day trial to the Multi-Asset Class Risk Management Portfolio.
Find the right mix of model portfolios today at PortfolioChannel.com
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