Shares of FTOH Now Oversold
In trading on Monday, shares of the Franklin Ohio Municipal Income ETF (Symbol: FTOH) entered into oversold territory, changing hands as low as $8.29 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 Ohio Municipal Income, the RSI reading has hit 27.5 — by comparison, the RSI reading for the S&P 500 is currently 58.6. A bullish investor could look at FTOH's 27.5 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), FTOH's low point in its 52 week range is $8.24 per share, with $8.52 as the 52 week high point — that compares with a last trade of $8.29. Franklin Ohio Municipal Income shares are currently trading off about 0.3% on the day.
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Further FTOH Research:
