In trading on Thursday, shares of the WisdomTree Europe Hedged Equity Fund ETF ( HEDJ) entered into oversold territory, changing hands as low as $48.26 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 WisdomTree Europe Hedged Equity Fund, the RSI reading has hit 29.0 — by comparison, the RSI reading for the S&P 500 is currently 40.3. A bullish investor could look at HEDJ'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), HEDJ's low point in its 52 week range is $38.94 per share, with $53.51 as the 52 week high point — that compares with a last trade of $48.26. WisdomTree Europe Hedged Equity Fund shares are currently trading off about 3.1% on the day.