In trading on Friday, shares of the AVUV ETF (AVUV) entered into oversold territory, changing hands as low as $66.18 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 AVUV, the RSI reading has hit 29.1 — by comparison, the RSI reading for the S&P 500 is currently 29.8.

A bullish investor could look at AVUV's 29.1 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), AVUV's low point in its 52 week range is $66.065 per share, with $84.5894 as the 52 week high point — that compares with a last trade of $66.27. AVUV shares are currently trading down about 3.1% on the day.