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Shares of IXG Now Oversold

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In trading on Tuesday, shares of the iShares Global Financials ETF (NYSE:IXG) entered into oversold territory, changing hands as low as $68.46 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 iShares Global Financials, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 31.9.

A bullish investor could look at IXG's 29.4 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), IXG's low point in its 52 week range is $59.97 per share, with $77.22 as the 52 week high point — that compares with a last trade of $68.55. iShares Global Financials shares are currently trading down about 1.7% on the day.