ETF Channel Staff - Thursday, September 28, 4:20 PMIn trading on Thursday, shares of the Short High Yield Muni ETF (SHYD) entered into oversold territory, changing hands as low as $21.55 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 Short High Yield Muni, the RSI reading has hit 29.0 — by comparison, the RSI reading for the S&P 500 is currently 37.0.
A bullish investor could look at SHYD's 29.0 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), SHYD's low point in its 52 week range is $21.39 per share, with $22.74 as the 52 week high point — that compares with a last trade of $21.55. Short High Yield Muni shares are currently trading down about 0.6% on the day.
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