iShares MSCI Turkey Getting Very Oversold

In trading on Friday, shares of the iShares MSCI Turkey ETF ( TUR) entered into oversold territory, changing hands as low as $34.63 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 Turkey, the RSI reading has hit 26.3 — by comparison, the RSI reading for the S&P 500 is currently 31.4.

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A bullish investor could look at TUR's 26.3 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), TUR's low point in its 52 week range is $33.15 per share, with $46.42 as the 52 week high point — that compares with a last trade of $34.60. iShares MSCI Turkey shares are currently trading off about 4.6% on the day.

iShares MSCI Turkey 1 Year Performance Chart

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