Shares of DXD Now Oversold
In trading on Thursday, shares of the ProShares UltraShort Dow30 ETF (Symbol: DXD) entered into oversold territory, changing hands as low as $18.80 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 ProShares UltraShort Dow30, the RSI reading has hit 28.5 — by comparison, the RSI reading for the S&P 500 is currently 87.2. A bullish investor could look at DXD's 28.5 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), DXD's low point in its 52 week range is $18.62 per share, with $27.64 as the 52 week high point — that compares with a last trade of $18.90. ProShares UltraShort Dow30 shares are currently trading off about 1.5% on the day.
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