In trading on Tuesday, shares of the ProShares UltraShort FTSE Europe ETF ( EPV) entered into oversold territory, changing hands as low as $57.72 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 UltraShort FTSE Europe, the RSI reading has hit 29.6 — by comparison, the RSI reading for the S&P 500 is currently 85.8. A bullish investor could look at EPV's 29.6 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), EPV's low point in its 52 week range is $50.67 per share, with $72.65 as the 52 week high point — that compares with a last trade of $57.81. ProShares UltraShort FTSE Europe shares are currently trading down about 0.9% on the day.