In the case of Fidelity MSCI Utilities Index, the RSI reading has hit 29.7 — by comparison, the RSI reading for the S&P 500 is currently 36.9. A bullish investor could look at FUTY'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), FUTY's low point in its 52 week range is $38.17 per share, with $53.65 as the 52 week high point — that compares with a last trade of $47.84. Fidelity MSCI Utilities Index shares are currently trading down about 1.6% on the day.
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Also see:
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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.
