In trading on Tuesday, shares of the iShares S&P Small-Cap 600 Growth ETF (Symbol: IJT) entered into oversold territory, changing hands as low as $117.85 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 S&P Small-Cap 600 Growth, the RSI reading has hit 29.2 - by comparison, the RSI reading for the S&P 500 is currently 32.2. A bullish investor could look at IJT's 29.2 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), IJT's low point in its 52 week range is $82.07 per share, with $135.45 as the 52 week high point - that compares with a last trade of $118.18. iShares S&P Small-Cap 600 Growth shares are currently trading off about 1.1% on the day.
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