IONZ Crowded With Sellers
In trading on Monday, shares of the Defiance Daily Target 2X Short IONQ ETF (Symbol: IONZ) entered into oversold territory, changing hands as low as $3.165 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 Defiance Daily Target 2X Short IONQ, the RSI reading has hit 29.9 — by comparison, the RSI reading for the S&P 500 is currently 76.7. A bullish investor could look at IONZ's 29.9 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), IONZ's low point in its 52 week range is $3.165 per share, with $137.7114 as the 52 week high point — that compares with a last trade of $3.51. Defiance Daily Target 2X Short IONQ shares are currently trading off about 32.3% on the day.
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