In trading on Friday, shares of the PowerShares Global Short Term High Yield Bond Portfolio ETF ( PGHY) entered into oversold territory, changing hands as low as $23.4867 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 Global Short Term High Yield Bond Portfolio, the RSI reading has hit 29.5 — by comparison, the RSI reading for the S&P 500 is currently 45.8. A bullish investor could look at PGHY's 29.5 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), PGHY's low point in its 52 week range is $23.48 per share, with $26.16 as the 52 week high point — that compares with a last trade of $23.49. PowerShares Global Short Term High Yield Bond Portfolio shares are currently trading down about 0.4% on the day.