In the case of First Trust Managed Municipal, the RSI reading has hit 28.7 — by comparison, the RSI reading for the S&P 500 is currently 45.2. A bullish investor could look at FMB's 28.7 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), FMB's low point in its 52 week range is $48.10 per share, with $52.13 as the 52 week high point — that compares with a last trade of $50.45. First Trust Managed Municipal shares are currently trading down about 0.5% on the day.
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