In trading on Thursday, shares of the iShares MSCI Global Metals & Mining Producers ETF ( PICK) entered into oversold territory, changing hands as low as $15.60 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 iShares MSCI Global Metals & Mining Producers, the RSI reading has hit 28.2 — by comparison, the RSI reading for the S&P 500 is currently 55.5. A bullish investor could look at PICK's 28.2 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), PICK's low point in its 52 week range is $15.60 per share, with $21.80 as the 52 week high point — that compares with a last trade of $15.67. iShares MSCI Global Metals & Mining Producers shares are currently trading off about 1.4% on the day.