In trading on Tuesday, shares of the iShares MSCI Ireland Capped ETF ( EIRL) entered into oversold territory, changing hands as low as $34.31 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 iShares MSCI Ireland Capped, the RSI reading has hit 28.8 — by comparison, the RSI reading for the S&P 500 is currently 38.8. A bullish investor could look at EIRL's 28.8 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), EIRL's low point in its 52 week range is $31.13 per share, with $41.12 as the 52 week high point — that compares with a last trade of $34.31. iShares MSCI Ireland Capped shares are currently trading down about 1.2% on the day.