In trading on Monday, shares of the SPDR S&P World ex-US ETF ( GWL) entered into oversold territory, changing hands as low as $24.341 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 SPDR S&P World ex-US, the RSI reading has hit 28.6 — by comparison, the RSI reading for the S&P 500 is currently 35.3. A bullish investor could look at GWL's 28.6 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), GWL's low point in its 52 week range is $21.21 per share, with $28.11 as the 52 week high point — that compares with a last trade of $24.36. SPDR S&P World ex-US shares are currently trading off about 2.5% on the day.