ETF Channel Staff - Friday, September 23, 12:30 PMIn trading on Friday, shares of the CRBN ETF (CRBN) entered into oversold territory, changing hands as low as $130.02 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 CRBN, the RSI reading has hit 27.3 — by comparison, the RSI reading for the S&P 500 is currently 29.8.
A bullish investor could look at CRBN's 27.3 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), CRBN's low point in its 52 week range is $129.9398 per share, with $176.59 as the 52 week high point — that compares with a last trade of $130.20. CRBN shares are currently trading off about 2.1% on the day.
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Buy (3.22 out of 4)
(ranked higher than approx. 55% of all etfs covered)
Based on data provided by Zacks Investment Research via Quandl.com