In trading on Friday, shares of the FTSE Andean 40 ETF ( AND) entered into oversold territory, changing hands as low as $11.89 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 FTSE Andean 40, the RSI reading has hit 28.1 — by comparison, the RSI reading for the S&P 500 is currently 57.2. A bullish investor could look at AND's 28.1 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), AND's low point in its 52 week range is $11.17 per share, with $15.33 as the 52 week high point — that compares with a last trade of $11.89. FTSE Andean 40 shares are currently trading off about 1.1% on the day.