In trading on Wednesday, shares of the Proshares Ultra Utilities ETF (UPW - Get Report) 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.

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

A bullish investor could look at UPW's 29.8 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), UPW's low point in its 52 week range is $50.57 per share, with $77.90 as the 52 week high point — that compares with a last trade of $65.61. Proshares Ultra Utilities shares are currently trading down about 2.8% on the day.

Proshares Ultra Utilities 1 Year Performance Chart