In trading on Wednesday, shares of Magic Software Enterprises Ltd (Symbol: MGIC) entered into oversold territory, hitting an RSI reading of 28.4, after changing hands as low as $20.49 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 51.6. A bullish investor could look at MGIC's 28.4 RSI reading today 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. The chart below shows the one year performance of MGIC shares:
Looking at the chart above, MGIC's low point in its 52 week range is $11.65 per share, with $28 as the 52 week high point — that compares with a last trade of $21.23.
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