Shares Of RXD Now Oversold

In trading on Thursday, shares of the Proshares UltraShort Health Care ETF (RXD) entered into oversold territory, changing hands as low as $29.11 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 Health Care, the RSI reading has hit 26.2 — by comparison, the RSI reading for the S&P 500 is currently 66.4.

START SLIDESHOW:
Find out what 9 other oversold stocks you need to know about »

A bullish investor could look at RXD's 26.2 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), RXD's low point in its 52 week range is $29.11 per share, with $60.71 as the 52 week high point — that compares with a last trade of $29.11. Proshares UltraShort Health Care shares are currently trading off about 3.7% on the day.

Proshares UltraShort Health Care 1 Year Performance Chart

null

More from Stocks

Abercrombie & Fitch CEO: We Aren't the Same Abercrombie You Once Knew

Abercrombie & Fitch CEO: We Aren't the Same Abercrombie You Once Knew

Amazon Wants to Use Your Car as a Mobile Warehouse - Here's What That Could Mean

Amazon Wants to Use Your Car as a Mobile Warehouse - Here's What That Could Mean

Chipotle's New CEO Has Set its Path for Redemption

Chipotle's New CEO Has Set its Path for Redemption

TheStreet Is About to Hold the BEST Institutional Investor Conference of 2018

TheStreet Is About to Hold the BEST Institutional Investor Conference of 2018

Twitter's Turnaround Continues but Investors Don't Seem Entirely Convinced

Twitter's Turnaround Continues but Investors Don't Seem Entirely Convinced