In trading on Friday, shares of the ProShares Ultra Silver ETF (AGQ) entered into oversold territory, changing hands as low as $22.56 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 ProShares Ultra Silver, the RSI reading has hit 29.2 — by comparison, the RSI reading for the S&P 500 is currently 42.5.

A bullish investor could look at AGQ'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), AGQ's low point in its 52 week range is $22.56 per share, with $47.92 as the 52 week high point — that compares with a last trade of $22.94. ProShares Ultra Silver shares are currently trading down about 6.2% on the day.