In trading on Friday, shares of the Invesco FTSE RAFI Developed Markets ex-U.S. ETF (Symbol: PXF) entered into oversold territory, changing hands as low as $37.03 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 Invesco FTSE RAFI Developed Markets ex-U.S., the RSI reading has hit 28.2 - by comparison, the RSI reading for the S&P 500 is currently 22.0. A bullish investor could look at PXF's 28.2 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), PXF's low point in its 52 week range is $36.9542 per share, with $48.75 as the 52 week high point - that compares with a last trade of $37.03. Invesco FTSE RAFI Developed Markets ex-U.S. shares are currently trading off about 1.7% on the day.
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