In trading on Thursday, shares of the iShares MSCI Global Gold Miners Fund ETF (RING) entered into oversold territory, changing hands as low as $10.13 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 29.0 — by comparison, the RSI reading for the S&P 500 is currently 44.2.

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A bullish investor could look at RING's 29.0 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 $10.13 per share, with $23.34 as the 52 week high point — that compares with a last trade of $10.27. iShares MSCI Global Gold Miners Fund shares are currently trading off about 6.2% on the day.

iShares MSCI Global Gold Miners Fund 1 Year Performance Chart