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In trading on Thursday, shares of the First Trust Mid Cap Growth AlphaDEX Fund ETF (NASDAQ:FNY) entered into oversold territory, changing hands as low as $69.7814 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 Mid Cap Growth AlphaDEX Fund, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 34.0.

A bullish investor could look at FNY'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), FNY's low point in its 52 week range is $55.325 per share, with $76.0964 as the 52 week high point — that compares with a last trade of $69.78. First Trust Mid Cap Growth AlphaDEX Fund shares are currently trading down about 0.6% on the day.