In trading on Monday, shares of the SPDR Russell/Nomura PRIME Japan ETF ( JPP) entered into oversold territory, changing hands as low as $42.7801 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 SPDR Russell/Nomura PRIME Japan, the RSI reading has hit 29.96 — by comparison, the RSI reading for the S&P 500 is currently 38.0. A bullish investor could look at JPP's 29.96 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), JPP's low point in its 52 week range is $37.90 per share, with $47.36 as the 52 week high point — that compares with a last trade of $42.78. SPDR Russell/Nomura PRIME Japan shares are currently trading down about 1.6% on the day.