In the case of Direxion Daily S&P 500 High Beta Bear 3X, the RSI reading has hit 28.6 — by comparison, the RSI reading for the S&P 500 is currently 73.6. A bullish investor could look at HIBS's 28.6 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), HIBS's low point in its 52 week range is $22.49 per share, with $135.50 as the 52 week high point — that compares with a last trade of $22.88. Direxion Daily S&P 500 High Beta Bear 3X shares are currently trading down about 7.7% on the day.
Find out what 9 other oversold stocks you need to know about »
Further HIBS Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
