In trading on Monday, shares of the PowerShares DWA Developed Markets Momentum Portfolio ETF ( PIZ) entered into oversold territory, changing hands as low as $23.58 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 DWA Developed Markets Momentum Portfolio, the RSI reading has hit 29.5 — by comparison, the RSI reading for the S&P 500 is currently 35.8. A bullish investor could look at PIZ'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), PIZ's low point in its 52 week range is $22.26 per share, with $27.78 as the 52 week high point — that compares with a last trade of $23.66. PowerShares DWA Developed Markets Momentum Portfolio shares are currently trading off about 0.9% on the day.