SPDR S&P Emerging Middle East & Africa Getting Very Oversold

In trading on Wednesday, shares of the SPDR S&P Emerging Middle East & Africa ETF (GAF) entered into oversold territory, changing hands as low as $67.2501 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 SPDR S&P Emerging Middle East & Africa, the RSI reading has hit 29.7 — by comparison, the RSI reading for the S&P 500 is currently 57.1.

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A bullish investor could look at GAF's 29.7 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), GAF's low point in its 52 week range is $60.00 per share, with $77.42 as the 52 week high point — that compares with a last trade of $67.25. SPDR S&P Emerging Middle East & Africa shares are currently trading down about 0.9% on the day.

SPDR S&P Emerging Middle East & Africa 1 Year Performance Chart

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