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In trading on Thursday, shares of the iShares Short-Term National Muni Bond ETF (Symbol: SUB) entered into oversold territory, changing hands as low as $103.78 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 Short-Term National Muni Bond, the RSI reading has hit 26.8 — by comparison, the RSI reading for the S&P 500 is currently 57.8.
A bullish investor could look at SUB’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), SUB’s low point in its 52 week range is $102.45 per share, with $105.91 as the 52 week high point — that compares with a last trade of $103.81. iShares Short-Term National Muni Bond shares are currently trading off about 0.3% on the day.
Also see:
RH Videos
AMOM Videos
PRBM market cap history
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Image and article originally from www.nasdaq.com. Read the original article here.