GLGG Crosses Critical Technical Indicator
In trading on Wednesday, shares of the Leverage Shares 2X Long GLXY Daily ETF (Symbol: GLGG) entered into oversold territory, changing hands as low as $3.1364 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 Leverage Shares 2X Long GLXY Daily, the RSI reading has hit 29.0 — by comparison, the RSI reading for the S&P 500 is currently 66.1. A bullish investor could look at GLGG's 29.0 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), GLGG's low point in its 52 week range is $3.13 per share, with $45.80 as the 52 week high point — that compares with a last trade of $3.23. Leverage Shares 2X Long GLXY Daily shares are currently trading down about 25.5% on the day.
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