In trading on Thursday, shares of the Egypt Index ETF ( EGPT) entered into oversold territory, changing hands as low as $9.30 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 Egypt Index, the RSI reading has hit 27.6 — by comparison, the RSI reading for the S&P 500 is currently 40.3. A bullish investor could look at EGPT's 27.6 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), EGPT's low point in its 52 week range is $9.23 per share, with $15.99 as the 52 week high point — that compares with a last trade of $9.31. Egypt Index shares are currently trading off about 2.3% on the day.