PowerShares International Corporate Bond Portfolio (PICB) Enters Oversold Territory

In trading on Monday, shares of the PowerShares International Corporate Bond Portfolio ETF (PICB) entered into oversold territory, changing hands as low as $29.5103 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 International Corporate Bond Portfolio, the RSI reading has hit 28.3 — by comparison, the RSI reading for the S&P 500 is currently 58.6.

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

A bullish investor could look at PICB's 28.3 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), PICB's low point in its 52 week range is $27.72 per share, with $30.91 as the 52 week high point — that compares with a last trade of $29.54. PowerShares International Corporate Bond Portfolio shares are currently trading down about 0.6% on the day.

PowerShares International Corporate Bond Portfolio 1 Year Performance Chart

More from Stocks

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In

Why Millennials Are Ditching Stocks for ETFs

Why Millennials Are Ditching Stocks for ETFs

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Trump's 'Space Force' Could Launch a $1 Trillion Industry, Morgan Stanley Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Abiomed Stock Should Rise Some 12% From Here, Piper Jaffray Analyst Says

Video: Here Is Why Carvana Isn't Worried About Amazon

Video: Here Is Why Carvana Isn't Worried About Amazon