In trading on Monday, shares of the International High Yield Bond ETF ( IHY) entered into oversold territory, changing hands as low as $26.70 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 International High Yield Bond, 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 IHY'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), IHY's low point in its 52 week range is $25.38 per share, with $28.00 as the 52 week high point — that compares with a last trade of $26.73. International High Yield Bond shares are currently trading down about 0.4% on the day.