In trading on Friday, shares of the iShares MSCI All Country Asia ex Japan ETF (AAXJ) entered into oversold territory, changing hands as low as $55.54 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 All Country Asia ex Japan, the RSI reading has hit 27.7 — by comparison, the RSI reading for the S&P 500 is currently 55.9. A bullish investor could look at AAXJ's 27.7 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), AAXJ's low point in its 52 week range is $46.14 per share, with $61.63 as the 52 week high point — that compares with a last trade of $55.54. iShares MSCI All Country Asia ex Japan shares are currently trading down about 2.1% on the day.