In trading on Wednesday, shares of the PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio ETF ( PAF) entered into oversold territory, changing hands as low as $51.23 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 PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio, the RSI reading has hit 29.6 — by comparison, the RSI reading for the S&P 500 is currently 49.4. A bullish investor could look at PAF'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), PAF's low point in its 52 week range is $51.15 per share, with $60.88 as the 52 week high point — that compares with a last trade of $51.41. PowerShares FTSE RAFI Asia Pacific ex-Japan Portfolio shares are currently trading down about 1% on the day.