PTNQ Crosses Critical Technical Indicator

In trading on Wednesday, shares of the Pacer Trendpilot 100 ETF (Symbol: PTNQ) entered into oversold territory, changing hands as low as $66.07 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 Pacer Trendpilot 100, the RSI reading has hit 19.5 — by comparison, the RSI reading for the S&P 500 is currently 63.8. A bullish investor could look at PTNQ's 19.5 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), PTNQ's low point in its 52 week range is $66.07 per share, with $77.83 as the 52 week high point — that compares with a last trade of $66.41. Pacer Trendpilot 100 shares are currently trading off about 1.4% on the day.

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