In trading on Wednesday, shares of the Daily Russia Bear 3x Shares ETF (RUSS) entered into oversold territory, changing hands as low as $15.64 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 Daily Russia Bear 3x Shares, the RSI reading has hit 29.5 — by comparison, the RSI reading for the S&P 500 is currently 65.2.
A bullish investor could look at RUSS's 29.5 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), RUSS's low point in its 52 week range is $12.96 per share, with $31.98 as the 52 week high point — that compares with a last trade of $15.68. Daily Russia Bear 3x Shares shares are currently trading down about 7.1% on the day.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV