In trading on Friday, shares of the iShares MSCI ACWI ex U.S. ETF (Symbol: ACWX) entered into oversold territory, changing hands as low as $39.20 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 MSCI ACWI ex U.S., the RSI reading has hit 27.3 - by comparison, the RSI reading for the S&P 500 is currently 40.5. A bullish investor could look at ACWX's 27.3 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), ACWX's low point in its 52 week range is $37.95 per share, with $47.89 as the 52 week high point - that compares with a last trade of $39.36. iShares MSCI ACWI ex U.S. shares are currently trading down about 1.6% on the day.
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