In trading on Monday, shares of the WisdomTree Middle East Dividend Fund ETF ( GULF) entered into oversold territory, changing hands as low as $21.60 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 WisdomTree Middle East Dividend Fund, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 76.0. A bullish investor could look at GULF'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), GULF's low point in its 52 week range is $18.86 per share, with $25.12 as the 52 week high point — that compares with a last trade of $21.75. WisdomTree Middle East Dividend Fund shares are currently trading down about 0.7% on the day.