In trading on Thursday, shares of the Proshares Ultra Utilities ETF ( UPW) entered into oversold territory, changing hands as low as $64.685 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 Ultra Utilities, the RSI reading has hit 27.3 — by comparison, the RSI reading for the S&P 500 is currently 46.3.
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