GNR Crowded With Sellers

In trading on Wednesday, shares of the SPDR S&P Global Natural Resources ETF (Symbol: GNR) entered into oversold territory, changing hands as low as $53.73 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 SPDR S&P Global Natural Resources, the RSI reading has hit 27.1 — by comparison, the RSI reading for the S&P 500 is currently 37.9. A bullish investor could look at GNR's 27.1 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), GNR's low point in its 52 week range is $47.1729 per share, with $65.66 as the 52 week high point — that compares with a last trade of $53.87. SPDR S&P Global Natural Resources shares are currently trading off about 4% on the day.

SPDR S&P Global Natural Resources 1 Year Performance Chart

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Also see:
• ACAH market cap history
• Institutional Holders of MRF
• Funds Holding Target

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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