In trading on Wednesday, shares of the Proshares Ultra Utilities ETF ( UPW) entered into oversold territory, changing hands as low as $64.48 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 Utilities, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 58.9.
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