In trading on Wednesday, shares of the iShares MSCI Singapore ETF ( EWS) entered into oversold territory, changing hands as low as $12.63 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 Singapore, the RSI reading has hit 29.1 — by comparison, the RSI reading for the S&P 500 is currently 32.8. A bullish investor could look at EWS's 29.1 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), EWS's low point in its 52 week range is $11.94 per share, with $14.16 as the 52 week high point — that compares with a last trade of $12.67. iShares MSCI Singapore shares are currently trading up about 0.5% on the day.