PowerShares International Corporate Bond Portfolio Getting Very Oversold

In trading on Tuesday, shares of the PowerShares International Corporate Bond Portfolio ETF (PICB) entered into oversold territory, changing hands as low as $28.8454 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 International Corporate Bond Portfolio, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 48.5.

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A bullish investor could look at PICB'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), PICB's low point in its 52 week range is $28.82 per share, with $30.91 as the 52 week high point — that compares with a last trade of $28.96. PowerShares International Corporate Bond Portfolio shares are currently trading down about 0.5% on the day.

PowerShares International Corporate Bond Portfolio 1 Year Performance Chart

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