Tradr 2X Long APP Daily Getting Very Oversold
In trading on Wednesday, shares of the Tradr 2X Long APP Daily ETF (Symbol: APPX) entered into oversold territory, changing hands as low as $12.42 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 Tradr 2X Long APP Daily, the RSI reading has hit 29.2 — by comparison, the RSI reading for the S&P 500 is currently 68.3. A bullish investor could look at APPX's 29.2 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), APPX's low point in its 52 week range is $12.30 per share, with $156.25 as the 52 week high point — that compares with a last trade of $12.32. Tradr 2X Long APP Daily shares are currently trading off about 8.2% on the day.
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