PowerShares India Portfolio (PIN) Enters Oversold Territory

In trading on Friday, shares of the PowerShares India Portfolio ETF ( PIN) entered into oversold territory, changing hands as low as $18.9818 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 India Portfolio, the RSI reading has hit 29.2 — by comparison, the RSI reading for the S&P 500 is currently 57.0.

START SLIDESHOW:
Click here to find out what 9 other oversold dividend stocks you need to know about »

A bullish investor could look at PIN's 29.2 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), PIN's low point in its 52 week range is $16.79 per share, with $52.79 as the 52 week high point — that compares with a last trade of $19.04. PowerShares India Portfolio shares are currently trading off about 3.8% on the day.

PowerShares India Portfolio 1 Year Performance Chart

If you liked this article you might like

How Buying Blue Apron Ahead of any IPO Could Leave You Blue

How Buying Blue Apron Ahead of any IPO Could Leave You Blue

Earnings Season Has Been Uninspiring

Earnings Season Has Been Uninspiring

Invest Where the Overseas QE Is

Invest Where the Overseas QE Is

PowerShares India Portfolio (PIN) Shares Cross Below 200 DMA

PowerShares India Portfolio (PIN) Shares Cross Below 200 DMA

PIN Crosses Critical Technical Indicator

PIN Crosses Critical Technical Indicator