In trading on Wednesday, shares of the First Trust Tactical High Yield ETF ( HYLS) entered into oversold territory, changing hands as low as $49.8401 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 First Trust Tactical High Yield, the RSI reading has hit 27.9 — by comparison, the RSI reading for the S&P 500 is currently 57.1. A bullish investor could look at HYLS's 27.9 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), HYLS's low point in its 52 week range is $49.57 per share, with $52.95 as the 52 week high point — that compares with a last trade of $49.84. First Trust Tactical High Yield shares are currently trading down about 0.7% on the day.