In trading on Tuesday, shares of the ProShares VIX Mid-Term Futures ETF ( VIXM) entered into oversold territory, changing hands as low as $52.23 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 Mid-Term Futures, the RSI reading has hit 29.0 — by comparison, the RSI reading for the S&P 500 is currently 59.9. A bullish investor could look at VIXM'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), VIXM's low point in its 52 week range is $52.23 per share, with $75.20 as the 52 week high point — that compares with a last trade of $52.26. ProShares VIX Mid-Term Futures shares are currently trading down about 0.9% on the day.