Shares of FTMN Now Oversold
In trading on Wednesday, shares of the Franklin Minnesota Municipal Income ETF (Symbol: FTMN) entered into oversold territory, changing hands as low as $8.6712 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 Franklin Minnesota Municipal Income, the RSI reading has hit 28.8 — by comparison, the RSI reading for the S&P 500 is currently 38.8. A bullish investor could look at FTMN's 28.8 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), FTMN's low point in its 52 week range is $8.6712 per share, with $9 as the 52 week high point — that compares with a last trade of $8.71. Franklin Minnesota Municipal Income shares are currently trading down about 0.2% on the day.
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