In trading on Wednesday, shares of the SPDR Barclays Emerging Markets Local Bond ETF ( EBND) entered into oversold territory, changing hands as low as $28.4407 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 Barclays Emerging Markets Local Bond, the RSI reading has hit 28.9 — by comparison, the RSI reading for the S&P 500 is currently 49.4. A bullish investor could look at EBND's 28.9 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), EBND's low point in its 52 week range is $27.98 per share, with $31.64 as the 52 week high point — that compares with a last trade of $28.53. SPDR Barclays Emerging Markets Local Bond shares are currently trading down about 0.6% on the day.