Markets

Shares of EMLC Now Oversold

In trading on Wednesday, shares of the J.P. Morgan EM Local Currency Bond ETF (Symbol: EMLC) entered into oversold territory, changing hands as low as $17.0501 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 J.P. Morgan EM Local Currency Bond, the RSI reading has hit 29.6 - by comparison, the RSI reading for the S&P 500 is currently 47.9. A bullish investor could look at EMLC's 29.6 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), EMLC's low point in its 52 week range is $16.97 per share, with $19.91 as the 52 week high point - that compares with a last trade of $17.06. J.P. Morgan EM Local Currency Bond shares are currently trading off about 0.3% on the day.

J.P. Morgan EM Local Currency Bond 1 Year Performance Chart

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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.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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