ETF Channel Staff - Thursday, October 19, 3:53 PMIn trading on Thursday, shares of the Invesco Emerging Markets Sovereign Debt ETF (PCY) entered into oversold territory, changing hands as low as $17.43 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 Invesco Emerging Markets Sovereign Debt, the RSI reading has hit 28.4 — by comparison, the RSI reading for the S&P 500 is currently 38.7.
A bullish investor could look at PCY's 28.4 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), PCY's low point in its 52 week range is $16.20 per share, with $20.31 as the 52 week high point — that compares with a last trade of $17.44. Invesco Emerging Markets Sovereign Debt shares are currently trading down about 0.9% on the day.
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