In trading on Friday, shares of the Proshares UltraShort Russell2000 ETF (TWM) entered into oversold territory, changing hands as low as $13.38 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 Russell2000, the RSI reading has hit 29.98 — by comparison, the RSI reading for the S&P 500 is currently 68.4. A bullish investor could look at TWM's 29.98 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), TWM's low point in its 52 week range is $13.38 per share, with $31.90 as the 52 week high point — that compares with a last trade of $13.41. Proshares UltraShort Russell2000 shares are currently trading down about 1.8% on the day.