In trading on Friday, shares of the iShares Global Telecom ETF (IXP) entered into oversold territory, changing hands as low as $60.65 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 Global Telecom, the RSI reading has hit 29.7 — by comparison, the RSI reading for the S&P 500 is currently 43.1. A bullish investor could look at IXP's 29.7 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), IXP's low point in its 52 week range is $58.59 per share, with $70.16 as the 52 week high point — that compares with a last trade of $60.75. iShares Global Telecom shares are currently trading down about 1.4% on the day.