In trading on Wednesday, shares of the First Trust Mid Cap Growth AlphaDEX Fund ETF ( FNY) entered into oversold territory, changing hands as low as $28.7401 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 First Trust Mid Cap Growth AlphaDEX Fund, the RSI reading has hit 27.2 — by comparison, the RSI reading for the S&P 500 is currently 37.4. A bullish investor could look at FNY's 27.2 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), FNY's low point in its 52 week range is $25.04 per share, with $31.71 as the 52 week high point — that compares with a last trade of $28.75. First Trust Mid Cap Growth AlphaDEX Fund shares are currently trading down about 0.9% on the day.