Franklin FTSE Saudi Arabia Getting Very Oversold
In trading on Wednesday, shares of the Franklin FTSE Saudi Arabia ETF (Symbol: FLSA) entered into oversold territory, changing hands as low as $31.43 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 Franklin FTSE Saudi Arabia, the RSI reading has hit 28.1 — by comparison, the RSI reading for the S&P 500 is currently 45.0. A bullish investor could look at FLSA's 28.1 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), FLSA's low point in its 52 week range is $30.88 per share, with $35.38 as the 52 week high point — that compares with a last trade of $31.43. Franklin FTSE Saudi Arabia shares are currently trading off about 1.3% on the day.
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Further FLSA Research:
