CPLB Crosses Critical Technical Indicator
In trading on Tuesday, shares of the NYLI MacKay Core Plus Bond ETF (Symbol: CPLB) entered into oversold territory, changing hands as low as $20.37 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 NYLI MacKay Core Plus Bond, the RSI reading has hit 28.9 — by comparison, the RSI reading for the S&P 500 is currently 48.4. A bullish investor could look at CPLB's 28.9 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), CPLB's low point in its 52 week range is $20.36 per share, with $21.65 as the 52 week high point — that compares with a last trade of $20.37. NYLI MacKay Core Plus Bond shares are currently trading down about 0.2% on the day.
Find out what 9 other oversold stocks you need to know about »
Further CPLB Research:
