IShares S&P North American Natural Resources Sector Index Fund Getting Very Oversold

In trading on Monday, shares of the iShares S&P North American Natural Resources Sector Index Fund ETF (IGE) entered into oversold territory, changing hands as low as $37.344 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 S&P North American Natural Resources Sector Index Fund, the RSI reading has hit 29.7 — by comparison, the RSI reading for the S&P 500 is currently 35.3.

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A bullish investor could look at IGE's 29.7 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), IGE's low point in its 52 week range is $33.05 per share, with $41.84 as the 52 week high point — that compares with a last trade of $37.39. iShares S&P North American Natural Resources Sector Index Fund shares are currently trading off about 3% on the day.

iShares S&P North American Natural Resources Sector Index Fund 1 Year Performance Chart

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