In trading on Monday, shares of the PowerShares DWA Utilities Momentum Portfolio ETF ( PUI) entered into oversold territory, changing hands as low as $21.583 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 PowerShares DWA Utilities Momentum Portfolio, the RSI reading has hit 28.5 — by comparison, the RSI reading for the S&P 500 is currently 35.1. A bullish investor could look at PUI's 28.5 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), PUI's low point in its 52 week range is $18.91 per share, with $23.34 as the 52 week high point — that compares with a last trade of $21.75. PowerShares DWA Utilities Momentum Portfolio shares are currently trading off about 1.1% on the day.