In trading on Thursday, shares of the Proshares Short VIX Short-Term Futures ETF ( SVXY) entered into oversold territory, changing hands as low as $72.59 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 Short VIX Short-Term Futures, the RSI reading has hit 29.2 — by comparison, the RSI reading for the S&P 500 is currently 40.3. A bullish investor could look at SVXY's 29.2 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), SVXY's low point in its 52 week range is $38.92 per share, with $100.85 as the 52 week high point — that compares with a last trade of $72.60. Proshares Short VIX Short-Term Futures shares are currently trading down about 12% on the day.