Guggenheim Russell 1000 Equal Weight (EWRI) Enters Oversold Territory

In trading on Wednesday, shares of the Guggenheim Russell 1000 Equal Weight ETF (EWRI) entered into oversold territory, changing hands as low as $48.471 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 Guggenheim Russell 1000 Equal Weight, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 35.8.

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A bullish investor could look at EWRI'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), EWRI's low point in its 52 week range is $41.18 per share, with $51.15 as the 52 week high point — that compares with a last trade of $48.66. Guggenheim Russell 1000 Equal Weight shares are currently trading off about 0.3% on the day.

Guggenheim Russell 1000  Equal Weight 1 Year Performance Chart

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