In trading on Thursday, shares of the iShares MSCI Philippines ETF (EPHE) entered into oversold territory, changing hands as low as $39.12 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 Philippines, the RSI reading has hit 29.9 — by comparison, the RSI reading for the S&P 500 is currently 53.7. A bullish investor could look at EPHE's 29.9 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), EPHE's low point in its 52 week range is $35.58 per share, with $43.09 as the 52 week high point — that compares with a last trade of $39.22. iShares MSCI Philippines shares are currently trading down about 1.9% on the day.