In trading on Wednesday, shares of the iShares MSCI Emerging Markets Asia Index Fund ETF ( EEMA) entered into oversold territory, changing hands as low as $52.44 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 Emerging Markets Asia Index Fund, the RSI reading has hit 27.9 — by comparison, the RSI reading for the S&P 500 is currently 46.8. A bullish investor could look at EEMA's 27.9 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), EEMA's low point in its 52 week range is $47.35 per share, with $63.34 as the 52 week high point — that compares with a last trade of $52.46. iShares MSCI Emerging Markets Asia Index Fund shares are currently trading down about 1% on the day.