Leverage Shares 2X Long AAL Daily Getting Very Oversold
In trading on Thursday, shares of the Leverage Shares 2X Long AAL Daily ETF (Symbol: AALG) entered into oversold territory, changing hands as low as $10.745 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 Leverage Shares 2X Long AAL Daily, the RSI reading has hit 29.9 — by comparison, the RSI reading for the S&P 500 is currently 51.6. A bullish investor could look at AALG's 29.9 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), AALG's low point in its 52 week range is $7.07 per share, with $22.07 as the 52 week high point — that compares with a last trade of $10.88. Leverage Shares 2X Long AAL Daily shares are currently trading down about 5% on the day.
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Further AALG Research:
