In trading on Wednesday, shares of the PowerShares Global Listed Private Equity Portfolio ETF ( PSP) entered into oversold territory, changing hands as low as $11.17 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 Global Listed Private Equity Portfolio, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 51.5. A bullish investor could look at PSP'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), PSP's low point in its 52 week range is $11.17 per share, with $15.95 as the 52 week high point — that compares with a last trade of $11.23. PowerShares Global Listed Private Equity Portfolio shares are currently trading off about 0.7% on the day.