In trading on Wednesday, shares of the SPDR S&P International Materials Sector ETF ( IRV) entered into oversold territory, changing hands as low as $21.49 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 SPDR S&P International Materials Sector, the RSI reading has hit 28.2 — by comparison, the RSI reading for the S&P 500 is currently 50.7. A bullish investor could look at IRV'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), IRV's low point in its 52 week range is $20.39 per share, with $25.75 as the 52 week high point — that compares with a last trade of $21.49. SPDR S&P International Materials Sector shares are currently trading off about 2.1% on the day.