IJT Crowded With Sellers
In trading on Thursday, shares of the iShares S&P Small-Cap 600 Growth ETF (Symbol: IJT) entered into oversold territory, changing hands as low as $118.5712 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 S&P Small-Cap 600 Growth, the RSI reading has hit 27.9 — by comparison, the RSI reading for the S&P 500 is currently 24.4. A bullish investor could look at IJT's 27.9 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), IJT's low point in its 52 week range is $118.5712 per share, with $144.69 as the 52 week high point — that compares with a last trade of $119.02. iShares S&P Small-Cap 600 Growth shares are currently trading off about 2.1% on the day.
