In trading on Wednesday, shares of the Nigeria Index ETF ( NGE) entered into oversold territory, changing hands as low as $13.75 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 Nigeria Index, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 60.2. A bullish investor could look at NGE's 29.4 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), NGE's low point in its 52 week range is $13.60 per share, with $16.82 as the 52 week high point — that compares with a last trade of $13.75. Nigeria Index shares are currently trading off about 1.7% on the day.