In trading on Friday, shares of the ProShares Short Dow30 ETF (DOG - Get Report) entered into oversold territory, changing hands as low as $23.31 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 ProShares Short Dow30, the RSI reading has hit 28.1 — by comparison, the RSI reading for the S&P 500 is currently 76.1. A bullish investor could look at DOG's 28.1 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), DOG's low point in its 52 week range is $23.31 per share, with $28.11 as the 52 week high point — that compares with a last trade of $23.35. ProShares Short Dow30 shares are currently trading down about 0.8% on the day.
More from Stocks
The Case for a Rate Cut: Cramer's 'Mad Money' Recap (Thursday 8/22/19)
Jim Cramer asks: If the consumer is so strong, what the heck is the case for a rate cut? He's got all the reasons for the Fed to take preemptive action.
Salesforce Execs Discuss M&A Vision, Merging 'Organic and Inorganic' Growth
Revenue growth from Salesforce's organic development and from acquisitions can work in harmony together, executives said on the company's latest earnings call.
Carbon Black Led Security Stocks Thursday Ahead of Acquisition Announcement
Losers topped gainers in the security software industry Thursday.
Rising Tide of Retail Stocks Lifts Pier 1 Stock Nearly 23%
Retail sector's rally pushes PIR up 22.6% just two weeks after NYSE threatened to delist the company.