In trading on Thursday, shares of the SPDR Barclays International Corporate Bond ETF ( IBND) entered into oversold territory, changing hands as low as $36.52 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 SPDR Barclays International Corporate Bond, the RSI reading has hit 29.1 — by comparison, the RSI reading for the S&P 500 is currently 66.5. A bullish investor could look at IBND's 29.1 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), IBND's low point in its 52 week range is $34.45 per share, with $38.24 as the 52 week high point — that compares with a last trade of $36.40. SPDR Barclays International Corporate Bond shares are currently trading down about 1% on the day.