Proshares Ultra Silver (AGQ) Enters Oversold Territory

In trading on Wednesday, shares of the Proshares Ultra Silver ETF (AGQ) entered into oversold territory, changing hands as low as $22.84 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 Ultra Silver, the RSI reading has hit 26.9 — by comparison, the RSI reading for the S&P 500 is currently 70.6.

START SLIDESHOW:
Find out what 9 other oversold stocks you need to know about »

A bullish investor could look at AGQ's 26.9 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), AGQ's low point in its 52 week range is $22.84 per share, with $60.63 as the 52 week high point — that compares with a last trade of $23.17. Proshares Ultra Silver shares are currently trading off about 6.7% on the day.

Proshares Ultra Silver 1 Year Performance Chart

null

More from Stocks

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Replay: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

UAW Officially Files Complaint on Tesla Thanks to CEO Elon Musk

UAW Officially Files Complaint on Tesla Thanks to CEO Elon Musk