iShares MSCI South Korea (EWY) Enters Oversold Territory

In trading on Wednesday, shares of the iShares MSCI South Korea ETF (Symbol: EWY) entered into oversold territory, changing hands as low as $60.78 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 South Korea, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 36.8. A bullish investor could look at EWY's 29.8 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), EWY's low point in its 52 week range is $54.49 per share, with $68.20 as the 52 week high point — that compares with a last trade of $60.81. iShares MSCI South Korea shares are currently trading off about 0.7% on the day.

iShares MSCI South Korea 1 Year Performance Chart

Find out what 9 other oversold stocks you need to know about »

Also see:
• RNST Dividend History
• HLIO shares outstanding history
• Arch Capital Group 13F Filers

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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