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. 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.