The S&P/TSX has had a strong 2019, though many of its gains were posted in the first half of the year. Working out discounts on the index is a tall order right now. Today I want to look at two stocks that have hit 52-week lows over the past week. Should you look to add at a potential discount? Let’s take a brief snapshot.
McEwan Mining (TSX:MUX)(NYSE:MUX) is a Toronto-based gold and silver producer. Shares have plunged 33% over the past three months as of close on November 22. It has dipped 20.9% over the past week after the company announced a public offering to raise more cash for its mining and exploration prospects.
The spot price of gold and silver have retreated in the late summer and fall, but I still like precious metals in this economic environment. Shares of McEwan Mining last had an RSI of 22, putting it well into technically oversold territory. Investors on the hunt for discounted PM stocks should consider McEwan right now.
AgJunction (TSX:AJX) is a company that provides hardware and software solutions for the agricultural sector. Shares have dropped 29% over the past month and 55% so far in 2019.
Softness in the agricultural market led to year-over-year decline in revenue for the company, and a $2.5-million net loss. However, the precious agricultural service market is set for promising growth in the medium and long term.
AgJunction fell into technically oversold territory after earnings, and even after a slight recovery it is still discounted.
