Shares of BKCH Now Oversold
In trading on Friday, shares of the Global X Blockchain ETF (Symbol: BKCH) entered into oversold territory, changing hands as low as $59.79 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 Global X Blockchain, the RSI reading has hit 29.2 — by comparison, the RSI reading for the S&P 500 is currently 45.2. A bullish investor could look at BKCH's 29.2 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), BKCH's low point in its 52 week range is $50.99 per share, with $123.6899 as the 52 week high point — that compares with a last trade of $62.33. Global X Blockchain shares are currently trading down about 2.6% on the day.
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