In trading on Monday, shares of the WisdomTree Asia Local Debt Fund ETF (ALD entered into oversold territory, changing hands as low as $48.70 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 WisdomTree Asia Local Debt Fund, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 48.9.

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A bullish investor could look at ALD'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), ALD's low point in its 52 week range is $46.82 per share, with $49.95 as the 52 week high point — that compares with a last trade of $48.72. WisdomTree Asia Local Debt Fund shares are currently trading off about 0.3% on the day.

WisdomTree Asia Local Debt Fund 1 Year Performance Chart