Mining stock reactions
Most major mining shares rose on Tuesday, June 6, due to the revival in precious metal prices. But though most of the time, analysts expect mining stocks to follow metals, it doesn’t always happen that way.
All the above miners also have risen in the trailing three months, and all are trading above their short-term 20-day moving averages and long-term 100-day moving averages.
Remember, significant premiums over a stock price indicate a possible fall in the stock price. On the other hand, a discount can signal a likely price rise. The target prices of the above mining shares are above their current price levels, which is a positive indicator.
As the prices of these stocks rise, their RSI levels follow suit. The RSIs of most miners have been rising over the past week. The Global X Silver Miners Fund (SIL) has an RSI level of 52.
For ongoing updates on the mining industry, visit Market Realist’s Metals and Mining page.