ETF Channel Staff - Monday, April 15, 11:05 AMIn trading on Monday, shares of the Preferred Securities ex Financials ETF (PFXF) entered into oversold territory, changing hands as low as $17.0506 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 Preferred Securities ex Financials, the RSI reading has hit 28.2 — by comparison, the RSI reading for the S&P 500 is currently 48.1.
A bullish investor could look at PFXF's 28.2 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), PFXF's low point in its 52 week range is $15.58 per share, with $18.07 as the 52 week high point — that compares with a last trade of $17.04. Preferred Securities ex Financials shares are currently trading down about 0.7% on the day.
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