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. 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.