In trading on Thursday, shares of the MSCI Nigeria ETF ( NGE) entered into oversold territory, changing hands as low as $11.61 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 MSCI Nigeria, the RSI reading has hit 29.9 — by comparison, the RSI reading for the S&P 500 is currently 67.8. A bullish investor could look at NGE's 29.9 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), NGE's low point in its 52 week range is $11.50 per share, with $16.48 as the 52 week high point — that compares with a last trade of $12.02. MSCI Nigeria shares are currently trading down about 3% on the day.