In trading on Thursday, shares of the Daily Russia Bear 3x Shares ETF ( RUSS) entered into oversold territory, changing hands as low as $11.84 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 Daily Russia Bear 3x Shares, the RSI reading has hit 29.7 — by comparison, the RSI reading for the S&P 500 is currently 54.6. A bullish investor could look at RUSS'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), RUSS's low point in its 52 week range is $11.68 per share, with $24.50 as the 52 week high point — that compares with a last trade of $11.86. Daily Russia Bear 3x Shares shares are currently trading off about 4.8% on the day.
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