CJNK Crowded With Sellers

In trading on Thursday, shares of the SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (CJNK) entered into oversold territory, changing hands as low as $25.6201 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 SPDR BofA Merrill Lynch Crossover Corporate Bond, the RSI reading has hit 28.9 — by comparison, the RSI reading for the S&P 500 is currently 52.1.

START SLIDESHOW:
Find out what 9 other oversold stocks you need to know about »

A bullish investor could look at CJNK's 28.9 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), CJNK's low point in its 52 week range is $25.49 per share, with $26.92 as the 52 week high point — that compares with a last trade of $25.62. SPDR BofA Merrill Lynch Crossover Corporate Bond shares are currently trading down about 0.2% on the day.

SPDR BofA Merrill Lynch Crossover Corporate Bond 1 Year Performance Chart

More from Stocks

Micron is Trading Ugleeeee

Micron is Trading Ugleeeee

Sohn Investing 2018: A Recap

Sohn Investing 2018: A Recap

CHART: Here's How Much Apple Stock Has Lost in Value in the Last Five Days

CHART: Here's How Much Apple Stock Has Lost in Value in the Last Five Days

Wall Street Is Totally Forgetting Apple Will Be Giving Away Tons of Cash in 2018

Wall Street Is Totally Forgetting Apple Will Be Giving Away Tons of Cash in 2018

United Technologies Tops Target on Strong Aerospace Business

United Technologies Tops Target on Strong Aerospace Business