In trading on Monday, shares of the ProShares VIX Short-Term Futures ETF ( VIXY) entered into oversold territory, changing hands as low as $12.82 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 ProShares VIX Short-Term Futures, the RSI reading has hit 29.0 — by comparison, the RSI reading for the S&P 500 is currently 63.4. A bullish investor could look at VIXY's 29.0 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), VIXY's low point in its 52 week range is $12.82 per share, with $29.68 as the 52 week high point — that compares with a last trade of $12.86. ProShares VIX Short-Term Futures shares are currently trading off about 3.8% on the day.