In trading on Thursday, shares of the GSUS ETF (Symbol: GSUS) entered into oversold territory, changing hands as low as $56.38 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 GSUS, the RSI reading has hit 29.6 — by comparison, the RSI reading for the S&P 500 is currently 30.0. A bullish investor could look at GSUS'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), GSUS's low point in its 52 week range is $50.30 per share, with $62.87 as the 52 week high point — that compares with a last trade of $56.73. GSUS shares are currently trading down about 0.8% on the day.
Free Report: Top 8%+ Dividends (paid monthly)
Also see:
Application Software Dividend Stocks Institutional Holders of MSVX
Owens-Corning Next Earnings Date
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
