Central Asia & Mongolia Index (AZIA) Enters Oversold Territory

In trading on Tuesday, shares of the Central Asia & Mongolia Index ETF ( AZIA) entered into oversold territory, changing hands as low as $13.6501 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 Central Asia & Mongolia Index, the RSI reading has hit 29.3 — by comparison, the RSI reading for the S&P 500 is currently 52.5.

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A bullish investor could look at AZIA'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), AZIA's low point in its 52 week range is $12.62 per share, with $15.34 as the 52 week high point — that compares with a last trade of $13.65. Central Asia & Mongolia Index shares are currently trading off about 2.5% on the day.

Central Asia & Mongolia Index 1 Year Performance Chart
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