EZJ Crosses Critical Technical Indicator

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.

Find out what 9 other oversold stocks you need to know about »

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.

Proshares Ultra MSCI Japan 1 Year Performance Chart

If you liked this article you might like

ProShares Ultra MSCI Japan (EZJ) Shares Cross Above 200 DMA

European Markets Rally After Fed Meeting Despite London Worries About Scotland Vote Too Close to Call