In trading on Thursday, shares of the PowerShares Dynamic Oil & Gas Services Portfolio ETF ( PXJ) entered into oversold territory, changing hands as low as $26.96 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 Dynamic Oil & Gas Services Portfolio, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 32.2. A bullish investor could look at PXJ'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), PXJ's low point in its 52 week range is $23.46 per share, with $30.10 as the 52 week high point — that compares with a last trade of $26.98. PowerShares Dynamic Oil & Gas Services Portfolio shares are currently trading down about 1.3% on the day.