In trading on Friday, shares of the Proshares UltraShort Dow30 ETF ( DXD) entered into oversold territory, changing hands as low as $34.8841 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 Proshares UltraShort Dow30, the RSI reading has hit 29.9 — by comparison, the RSI reading for the S&P 500 is currently 66.9. A bullish investor could look at DXD's 29.9 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), DXD's low point in its 52 week range is $34.75 per share, with $60.44 as the 52 week high point — that compares with a last trade of $35.07. Proshares UltraShort Dow30 shares are currently trading off about 0.1% on the day.