GAL Crowded With Sellers

In trading on Thursday, shares of the SPDR SSGA Global Allocation ETF (GAL) entered into oversold territory, changing hands as low as $37.4901 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 SPDR SSGA Global Allocation, the RSI reading has hit 29.5 — by comparison, the RSI reading for the S&P 500 is currently 33.0.

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A bullish investor could look at GAL's 29.5 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), GAL's low point in its 52 week range is $33.84 per share, with $40.37 as the 52 week high point — that compares with a last trade of $37.58. SPDR SSGA Global Allocation shares are currently trading off about 1.6% on the day.

SPDR SSGA Global Allocation 1 Year Performance Chart

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