In trading on Wednesday, shares of the iShares Cohen & Steers REIT ETF (Symbol: ICF) entered into oversold territory, changing hands as low as $96.738 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 iShares Cohen & Steers REIT, the RSI reading has hit 29.6 - by comparison, the RSI reading for the S&P 500 is currently 77.5. A bullish investor could look at ICF's 29.6 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), ICF's low point in its 52 week range is $96.738 per share, with $104.37 as the 52 week high point - that compares with a last trade of $96.91. iShares Cohen & Steers REIT shares are currently trading down about 1.4% on the day.