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Shares of CGW Now Oversold

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In trading on Thursday, shares of the Invesco S&P Global Water Index ETF (NYSE:CGW) entered into oversold territory, changing hands as low as $49.3137 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 S&P Global Water Index, the RSI reading has hit 27.2 — by comparison, the RSI reading for the S&P 500 is currently 34.4.

A bullish investor could look at CGW's 27.2 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), CGW's low point in its 52 week range is $39.85 per share, with $53.30 as the 52 week high point — that compares with a last trade of $49.39. Invesco S&P Global Water Index shares are currently trading off about 1.4% on the day.