In trading on Monday, shares of the iShares Russell Mid-Cap Value ETF (Symbol: IWS) entered into oversold territory, changing hands as low as $67.34 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 Russell Mid-Cap Value, the RSI reading has hit 28.9 - by comparison, the RSI reading for the S&P 500 is currently 34.1. A bullish investor could look at IWS's 28.9 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), IWS's low point in its 52 week range is $41.61 per share, with $76.89 as the 52 week high point - that compares with a last trade of $67.42. iShares Russell Mid-Cap Value shares are currently trading down about 0.9% on the day.
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