PowerShares WilderHill Progressive Energy Portfolio Getting Very Oversold

In trading on Monday, shares of the PowerShares WilderHill Progressive Energy Portfolio ETF (PUW) entered into oversold territory, changing hands as low as $31.8423 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 WilderHill Progressive Energy Portfolio, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 48.9.

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A bullish investor could look at PUW's 29.8 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), PUW's low point in its 52 week range is $27.69 per share, with $34.30 as the 52 week high point — that compares with a last trade of $31.86. PowerShares WilderHill Progressive Energy Portfolio shares are currently trading down about 0.9% on the day.

PowerShares WilderHill Progressive Energy Portfolio 1 Year Performance Chart

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