In the case of GraniteShares 2x Long QCOM Daily, the RSI reading has hit 29.9 — by comparison, the RSI reading for the S&P 500 is currently 47.4. A bullish investor could look at QCML'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), QCML's low point in its 52 week range is $10.46 per share, with $30.56 as the 52 week high point — that compares with a last trade of $10.79. GraniteShares 2x Long QCOM Daily shares are currently trading off about 3.5% on the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
