In trading on Thursday, shares of the iShares Russell Mid-Cap Growth ETF (Symbol: IWP) entered into oversold territory, changing hands as low as $111.6311 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 iShares Russell Mid-Cap Growth, the RSI reading has hit 29.97 - by comparison, the RSI reading for the S&P 500 is currently 28.8. A bullish investor could look at IWP's 29.97 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), IWP's low point in its 52 week range is $111.6311 per share, with $137.732 as the 52 week high point - that compares with a last trade of $112.05. iShares Russell Mid-Cap Growth shares are currently trading off about 0.5% on the day.