In trading on Friday, shares of the SPDR Barclays Emerging Markets Local Bond ETF (EBND - Get Report) entered into oversold territory, changing hands as low as $32.30 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 Barclays Emerging Markets Local Bond, the RSI reading has hit 28.1 — by comparison, the RSI reading for the S&P 500 is currently 58.8. A bullish investor could look at EBND's 28.1 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), EBND's low point in its 52 week range is $29.53 per share, with $33.57 as the 52 week high point — that compares with a last trade of $32.36. SPDR Barclays Emerging Markets Local Bond shares are currently trading off about 0.3% on the day.
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