In trading on Wednesday, shares of the iShares MSCI Global Gold Miners Fund ETF ( RING) entered into oversold territory, changing hands as low as $11.64 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 iShares MSCI Global Gold Miners Fund, the RSI reading has hit 29.2 — by comparison, the RSI reading for the S&P 500 is currently 72.3. A bullish investor could look at RING's 29.2 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), RING's low point in its 52 week range is $11.6201 per share, with $23.34 as the 52 week high point — that compares with a last trade of $11.65. iShares MSCI Global Gold Miners Fund shares are currently trading off about 4.8% on the day.