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In trading on Monday, shares of the First Trust US Equity Opportunities ETF (NYSE:FPX) entered into oversold territory, changing hands as low as $75.895 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 First Trust US Equity Opportunities, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 29.3.

A bullish investor could look at FPX's 29.8 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), FPX's low point in its 52 week range is $75.87 per share, with $95.44 as the 52 week high point — that compares with a last trade of $75.87. First Trust US Equity Opportunities shares are currently trading off about 0.6% on the day.