iShares Global Tech Getting Very Oversold

In trading on Friday, shares of the iShares Global Tech ETF (Symbol: IXN) entered into oversold territory, changing hands as low as $68.53 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 Global Tech, the RSI reading has hit 29.97 — by comparison, the RSI reading for the S&P 500 is currently 32.0. A bullish investor could look at IXN's 29.97 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), IXN's low point in its 52 week range is $51.775 per share, with $76.25 as the 52 week high point — that compares with a last trade of $68.55. iShares Global Tech shares are currently trading off about 2.5% on the day.

iShares Global Tech 1 Year Performance Chart

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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.

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