ENY Crowded With Sellers

In trading on Friday, shares of the Guggenheim Canadian Energy Income ETF ( ENY) ENY entered into oversold territory, changing hands as low as $14.2801 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 Guggenheim Canadian Energy Income, the RSI reading has hit 29.6 — by comparison, the RSI reading for the S&P 500 is currently 47.8.

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A bullish investor could look at ENY's 29.6 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), ENY's low point in its 52 week range is $13.70 per share, with $17.82 as the 52 week high point — that compares with a last trade of $14.36. Guggenheim Canadian Energy Income shares are currently trading off about 1.5% on the day.

Guggenheim Canadian Energy Income 1 Year Performance Chart
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