In trading on Thursday, shares of the PowerShares CEF Income Composite Portfolio ETF ( PCEF) entered into oversold territory, changing hands as low as $21.70 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 PowerShares CEF Income Composite Portfolio, the RSI reading has hit 29.98 — by comparison, the RSI reading for the S&P 500 is currently 59.2. A bullish investor could look at PCEF's 29.98 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), PCEF's low point in its 52 week range is $19.25 per share, with $23.17 as the 52 week high point — that compares with a last trade of $21.68. PowerShares CEF Income Composite Portfolio shares are currently trading off about 0.9% on the day.