GXF Crowded With Sellers

In trading on Wednesday, shares of the FTSE Nordic Region ETF ( GXF) entered into oversold territory, changing hands as low as $18.40 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 FTSE Nordic Region, the RSI reading has hit 28.5 — by comparison, the RSI reading for the S&P 500 is currently 65.4.

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A bullish investor could look at GXF'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), GXF's low point in its 52 week range is $18.40 per share, with $22.62 as the 52 week high point — that compares with a last trade of $18.50. FTSE Nordic Region shares are currently trading down about 1.1% on the day.

FTSE Nordic Region 1 Year Performance Chart

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