In trading on Friday, shares of the Proshares UltraShort 3-7 Year Treasury ETF ( TBZ) entered into oversold territory, changing hands as low as $31.77 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 3-7 Year Treasury, the RSI reading has hit 28.9 — by comparison, the RSI reading for the S&P 500 is currently 68.4. A bullish investor could look at TBZ's 28.9 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), TBZ's low point in its 52 week range is $30.77 per share, with $41.00 as the 52 week high point — that compares with a last trade of $31.78. Proshares UltraShort 3-7 Year Treasury shares are currently trading down about 1.6% on the day.