In trading on Tuesday, shares of the ProShares High YieldInterest Rate Hedged ETF (HYHG - Get Report) entered into oversold territory, changing hands as low as $73.14 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 High YieldInterest Rate Hedged, the RSI reading has hit 25.8 — by comparison, the RSI reading for the S&P 500 is currently 51.5.

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A bullish investor could look at HYHG's 25.8 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), HYHG's low point in its 52 week range is $70.54 per share, with $81.78 as the 52 week high point — that compares with a last trade of $73.08. ProShares High YieldInterest Rate Hedged shares are currently trading down about 0.8% on the day.

ProShares High YieldInterest Rate Hedged 1 Year Performance Chart