In trading on Monday, shares of the ETFS Physical Palladium Shares ETF ( PALL) entered into oversold territory, changing hands as low as $64.73 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 ETFS Physical Palladium Shares, the RSI reading has hit 28.9 — by comparison, the RSI reading for the S&P 500 is currently 61.1. A bullish investor could look at PALL's 28.9 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), PALL's low point in its 52 week range is $54.74 per share, with $77.20 as the 52 week high point — that compares with a last trade of $65.34. ETFS Physical Palladium Shares shares are currently trading down about 5.5% on the day.