Shares of JMEE Now Oversold

In trading on Friday, shares of the JPMorgan Market Expansion Enhanced Equity ETF (Symbol: JMEE) entered into oversold territory, changing hands as low as $60.3352 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 JPMorgan Market Expansion Enhanced Equity, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 45.7.

A bullish investor could look at JMEE’s 29.8 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), JMEE’s low point in its 52 week range is $51.51 per share, with $66.89 as the 52 week high point — that compares with a last trade of $60.62. JPMorgan Market Expansion Enhanced Equity shares are currently trading down about 1.5% 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.