In trading on Friday, shares of the PowerShares Fundamental High Yield Corporate Bond Portfolio ETF ( PHB) entered into oversold territory, changing hands as low as $18.41 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 Fundamental High Yield Corporate Bond Portfolio, the RSI reading has hit 29.4 — by comparison, the RSI reading for the S&P 500 is currently 55.9. A bullish investor could look at PHB's 29.4 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), PHB's low point in its 52 week range is $16.53 per share, with $18.99 as the 52 week high point — that compares with a last trade of $18.41. PowerShares Fundamental High Yield Corporate Bond Portfolio shares are currently trading down about 0.6% on the day.