Fallen Angel High Yield Bond (ANGL) Enters Oversold Territory

In trading on Friday, shares of the Fallen Angel High Yield Bond ETF (ANGL) entered into oversold territory, changing hands as low as $27.69 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 Fallen Angel High Yield Bond, the RSI reading has hit 26.8 — by comparison, the RSI reading for the S&P 500 is currently 57.0.

START SLIDESHOW:
Find out what 9 other oversold stocks you need to know about »

A bullish investor could look at ANGL's 26.8 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), ANGL's low point in its 52 week range is $23.24 per share, with $29.30 as the 52 week high point — that compares with a last trade of $27.77. Fallen Angel High Yield Bond shares are currently trading down about 1.8% on the day.

Fallen Angel High Yield Bond 1 Year Performance Chart

More from Stocks

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

9 Stocks Goldman Sachs Thinks Will Blow Wall Street's Performance Away in 2019

9 Stocks Goldman Sachs Thinks Will Blow Wall Street's Performance Away in 2019

Jim Cramer on U.S.-China Trade: The Media Has it Wrong

Jim Cramer on U.S.-China Trade: The Media Has it Wrong

Is Tesla's Stock Set to Nearly Double to $500?

Is Tesla's Stock Set to Nearly Double to $500?

Tesla's $78,000 Model 3 Is a Bargain. Here's Why

Tesla's $78,000 Model 3 Is a Bargain. Here's Why