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| Shares of MUSA Now OversoldBy Metals Channel Staff, Thursday, August 23, 3:59 PM ET
In trading on Thursday, shares of Metals USA Holdings Corp (MUSA) entered into oversold territory, changing hands as low as $13.64 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 Metals USA Holdings Corp, the RSI reading has hit 27.6 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 55.1, the RSI of Spot Gold is at 73.5, and the RSI of Spot Silver is presently 79.3. A bullish investor could look at MUSA's 27.6 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), MUSA's low point in its 52 week range is $7.77 per share, with $17.35 as the 52 week high point — that compares with a last trade of $13.67. Metals USA Holdings Corp shares are currently trading off about 6.9% on the day.
According to the ETF Finder at ETF Channel, MUSA makes up 1.23% of the Dynamic Basic Materials Sector Portfolio ETF (AMEX:PYZ) which is trading lower by about 1.4% on the day Thursday. See what other ETFs contain MUSA » Special Offer: Manage the risks of the markets better with a free 30 day trial to the Strategic Risk Management System.
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