In trading on Monday, shares of the Proshares Ultra MSCI Japan ETF ( EZJ) entered into oversold territory, changing hands as low as $76.4901 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 MSCI Japan, the RSI reading has hit 28.7 — by comparison, the RSI reading for the S&P 500 is currently 38.0. A bullish investor could look at EZJ's 28.7 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), EZJ's low point in its 52 week range is $62.08 per share, with $96.97 as the 52 week high point — that compares with a last trade of $76.50. Proshares Ultra MSCI Japan shares are currently trading off about 3.4% on the day.