In trading on Friday, shares of the First Trust Global Tactical Commodity Strategy Fund ETF ( FTGC) entered into oversold territory, changing hands as low as $20.04 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 First Trust Global Tactical Commodity Strategy Fund, the RSI reading has hit 28.5 — by comparison, the RSI reading for the S&P 500 is currently 57.0. A bullish investor could look at FTGC's 28.5 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), FTGC's low point in its 52 week range is $18.85 per share, with $26.54 as the 52 week high point — that compares with a last trade of $20.08. First Trust Global Tactical Commodity Strategy Fund shares are currently trading off about 1.5% on the day.