In the case of MicroSectors FANG+ Index 3X Leveraged ETN, the RSI reading has hit 27.7 — by comparison, the RSI reading for the S&P 500 is currently 48.1. A bullish investor could look at FNGU's 27.7 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), FNGU's low point in its 52 week range is $7.9502 per share, with $697.87 as the 52 week high point — that compares with a last trade of $25.74. MicroSectors FANG+ Index 3X Leveraged ETN shares are currently trading off about 6.6% on the day.
Click here to find out what 9 other oversold dividend stocks you need to know about »
Also see:
Top High Dividend Yield Stocks RIVA Videos
Top Ten Hedge Funds Holding PINK
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
