In trading on Wednesday, shares of the iShares Global Energy ETF (IXC) entered into oversold territory, changing hands as low as $44.191 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 Global Energy, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 51.5. A bullish investor could look at IXC'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), IXC's low point in its 52 week range is $39.60 per share, with $49.71 as the 52 week high point — that compares with a last trade of $44.32. iShares Global Energy shares are currently trading down about 0.7% on the day.