In trading on Wednesday, shares of the ProShares Ultra 7-10 Year Treasury ETF ( UST) entered into oversold territory, changing hands as low as $53.64 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 Ultra 7-10 Year Treasury, the RSI reading has hit 28.8 — by comparison, the RSI reading for the S&P 500 is currently 49.8. A bullish investor could look at UST's 28.8 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), UST's low point in its 52 week range is $52.48 per share, with $60.35 as the 52 week high point — that compares with a last trade of $53.60. ProShares Ultra 7-10 Year Treasury shares are currently trading off about 0.9% on the day.