iShares MSCI All Country Asia ex Japan Getting Very Oversold

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In trading on Friday, shares of the iShares MSCI All Country Asia ex Japan ETF (Symbol: AAXJ) entered into oversold territory, changing hands as low as $65.9699 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 iShares MSCI All Country Asia ex Japan, the RSI reading has hit 29.7 - by comparison, the RSI reading for the S&P 500 is currently 45.4. A bullish investor could look at AAXJ's 29.7 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), AAXJ's low point in its 52 week range is $65.9699 per share, with $83.52 as the 52 week high point - that compares with a last trade of $66.40. iShares MSCI All Country Asia ex Japan shares are currently trading off about 0.8% on the day.

iShares MSCI All Country Asia ex Japan 1 Year Performance Chart

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , ETFs
Referenced Symbols: AAXJ

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