In the case of Invesco Variable Rate Preferred, the RSI reading has hit 26.3 — by comparison, the RSI reading for the S&P 500 is currently 46.1. A bullish investor could look at VRP's 26.3 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), VRP's low point in its 52 week range is $23.03 per share, with $24.93 as the 52 week high point — that compares with a last trade of $24.32. Invesco Variable Rate Preferred shares are currently trading down about 0.8% on the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
