In trading on Thursday, shares of the WisdomTree Emerging Markets Local Debt Fund ETF ( ELD) entered into oversold territory, changing hands as low as $35.60 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 WisdomTree Emerging Markets Local Debt Fund, the RSI reading has hit 23.0 — by comparison, the RSI reading for the S&P 500 is currently 59.2. A bullish investor could look at ELD's 23.0 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), ELD's low point in its 52 week range is $32.76 per share, with $38.95 as the 52 week high point — that compares with a last trade of $35.71. WisdomTree Emerging Markets Local Debt Fund shares are currently trading down about 3.6% on the day.