ETF Channel Staff - Friday, September 23, 12:28 PMIn trading on Friday, shares of the CWB ETF (CWB) entered into oversold territory, changing hands as low as $63.82 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 CWB, the RSI reading has hit 27.5 — by comparison, the RSI reading for the S&P 500 is currently 29.8.
A bullish investor could look at CWB's 27.5 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), CWB's low point in its 52 week range is $62.81 per share, with $89.78 as the 52 week high point — that compares with a last trade of $63.70. CWB shares are currently trading down about 1.4% on the day.
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