iShares Global Energy (IXC) Enters Oversold Territory

In trading on Tuesday, shares of the iShares Global Energy ETF (Symbol: IXC) entered into oversold territory, changing hands as low as $37.74 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 iShares Global Energy, the RSI reading has hit 24.7 — by comparison, the RSI reading for the S&P 500 is currently 61.9.

A bullish investor could look at IXC’s 24.7 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), IXC’s low point in its 52 week range is $37.02 per share, with $45.22 as the 52 week high point — that compares with a last trade of $37.85. iShares Global Energy shares are currently trading down about 3.3% on the day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.