In trading on Friday, shares of the PowerShares Global Clean Energy Portfolio ETF ( PBD) entered into oversold territory, changing hands as low as $11.4401 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 Clean Energy Portfolio, the RSI reading has hit 28.8 — by comparison, the RSI reading for the S&P 500 is currently 43.1. A bullish investor could look at PBD's 28.8 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), PBD's low point in its 52 week range is $11.40 per share, with $14.50 as the 52 week high point — that compares with a last trade of $11.46. PowerShares Global Clean Energy Portfolio shares are currently trading down about 0.8% on the day.