RCI in Focus For China Vanadium Titano-Magnetite Mining Co Ltd (0893.HK)

Date: Dec 27, 2017
China Vanadium Titano-Magnetite Mining Co Ltd (0893.HK) shares are being closely watched as the Rank Correlation Indicator has shown an upward 3 bar near-term trend, indicating that a reversal might be near.  If the shares reach the +80 level, this would signify that the shares have entered overbought territory.

The indicator Spearman Rank Correlation Index’s (RCI) is a statistical oscillator based on the correlation model provided by the mathematician Charles Spearman. The indicator shows statistical relations between date and price as a correlation without the relationship between the two variables is of affine type. The idea is to find correlation between the ranks of values instead of the values themselves.

Taking a look at some other key indicators, China Vanadium Titano-Magnetite Mining Co Ltd (0893.HK)’s Williams Percent Range or 14 day Williams %R is resting at -12.82. Values can range from 0 to -100. A reading between -80 to -100 may be typically viewed as strong oversold territory. A value between 0 to -20 would represent a strong overbought condition. As a momentum indicator, the Williams R% may be used with other technicals to help define a specific trend.

China Vanadium Titano-Magnetite Mining Co Ltd (0893.HK) presently has a 14-day Commodity Channel Index (CCI) of 114.26. Typically, the CCI oscillates above and below a zero line. Normal oscillations tend to stay in the range of -100 to +100. A CCI reading of +100 may represent overbought conditions, while readings near -100 may indicate oversold territory. Although the CCI indicator was developed for commodities, it has become a popular tool for equity evaluation as well. Checking on another technical indicator, the 14-day RSI is currently sitting at 52.08, the 7-day rests at 61.38, and the 3-day is presently at 69.37 for China Vanadium Titano-Magnetite Mining Co Ltd (0893.HK).

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