In trading on Friday, shares of Steven Madden Ltd. (Symbol: SHOO) entered into oversold territory, hitting an RSI reading of 29.98, after changing hands as low as $33.485 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 41.2. A bullish investor could look at SHOO's 29.98 RSI reading today 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. The chart below shows the one year performance of SHOO shares:
Looking at the chart above, SHOO's low point in its 52 week range is $19.05 per share, with $46.88 as the 52 week high point — that compares with a last trade of $33.88.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
