In trading on Tuesday, shares of the High Yield Equity Dividend Achievers Portfolio ETF ( PEY) entered into oversold territory, changing hands as low as $10.61 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 High Yield Equity Dividend Achievers Portfolio, the RSI reading has hit 29.3 — by comparison, the RSI reading for the S&P 500 is currently 39.6. A bullish investor could look at PEY's 29.3 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), PEY's low point in its 52 week range is $8.94 per share, with $11.48 as the 52 week high point — that compares with a last trade of $10.66. High Yield Equity Dividend Achievers Portfolio shares are currently trading down about 0.5% on the day.