In trading on Monday, shares of the Proshares UltraShort Utilities ETF (SDP) entered into oversold territory, changing hands as low as $20.70 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 UltraShort Utilities, the RSI reading has hit 29.96 — by comparison, the RSI reading for the S&P 500 is currently 69.3. A bullish investor could look at SDP's 29.96 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), SDP's low point in its 52 week range is $20.20 per share, with $32.22 as the 52 week high point — that compares with a last trade of $20.71. Proshares UltraShort Utilities shares are currently trading down about 0.3% on the day.