iShares MSCI Austria Capped Getting Very Oversold

In trading on Tuesday, shares of the iShares MSCI Austria Capped ETF (EWO) entered into oversold territory, changing hands as low as $16.87 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 MSCI Austria Capped, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 56.6.

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A bullish investor could look at EWO'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), EWO's low point in its 52 week range is $16.87 per share, with $21.06 as the 52 week high point — that compares with a last trade of $16.92. iShares MSCI Austria Capped shares are currently trading off about 1.3% on the day.

iShares MSCI Austria Capped 1 Year Performance Chart

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