SRTY Crowded With Sellers

In trading on Friday, shares of the Proshares UltraPro Short Russell2000 ETF (SRTY) entered into oversold territory, changing hands as low as $12.658 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 UltraPro Short Russell2000, the RSI reading has hit 29.9 — by comparison, the RSI reading for the S&P 500 is currently 68.4.

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

A bullish investor could look at SRTY's 29.9 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), SRTY's low point in its 52 week range is $12.658 per share, with $47.87 as the 52 week high point — that compares with a last trade of $12.70. Proshares UltraPro Short Russell2000 shares are currently trading off about 2.8% on the day.

Proshares UltraPro Short Russell2000 1 Year Performance Chart

null

More from Stocks

Tesla Received Tip That Former Employee Was Going to 'Shoot the Place Up'

Tesla Received Tip That Former Employee Was Going to 'Shoot the Place Up'

Stocks Tumble as Dow Heads for Eighth Straight Drop

Stocks Tumble as Dow Heads for Eighth Straight Drop

Jim Cramer: Williams Sonoma Is a Digitized Play

Jim Cramer: Williams Sonoma Is a Digitized Play

This Is What's Hot Thursday - Stocks Slide, Intel's CEO Woes & Major Movers

This Is What's Hot Thursday - Stocks Slide, Intel's CEO Woes & Major Movers

Jim Cramer Weighs In on Intel CEO Resignation

Jim Cramer Weighs In on Intel CEO Resignation