Shares of HYXU Now Oversold

In trading on Monday, shares of the iShares Global ex USD High Yield Corporate Bond ETF (HYXU) entered into oversold territory, changing hands as low as $56.26 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 Global ex USD High Yield Corporate Bond, the RSI reading has hit 29.6 — by comparison, the RSI reading for the S&P 500 is currently 66.3.

START SLIDESHOW:
Find out what 9 other oversold stocks you need to know about »

A bullish investor could look at HYXU's 29.6 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), HYXU's low point in its 52 week range is $53.79 per share, with $60.15 as the 52 week high point — that compares with a last trade of $56.26. iShares Global ex USD High Yield Corporate Bond shares are currently trading down about 0.6% on the day.

iShares Global ex USD High Yield Corporate Bond 1 Year Performance Chart

More from Stocks

Jim Cramer Weighs In on Intel CEO Resignation

Jim Cramer Weighs In on Intel CEO Resignation

Stocks Tumble as Dow Heads for Eighth Straight Drop

Stocks Tumble as Dow Heads for Eighth Straight Drop

Jim Cramer: I Think Deregulation Will Produce Very Good Earnings for Banks

Jim Cramer: I Think Deregulation Will Produce Very Good Earnings for Banks

Proctor & Gamble Worth 40% More Broken Up?

Proctor & Gamble Worth 40% More Broken Up?

Jim Cramer on Micron: Listen to the Conference Call

Jim Cramer on Micron: Listen to the Conference Call