FNDX Getting Very Oversold
Technical Analysis Channel Staff - Friday, September 23, 3:20 PM

In trading on Friday, shares of the FNDX ETF (FNDX) entered into oversold territory, changing hands as low as $49.105 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 FNDX, the RSI reading has hit 29.0 — by comparison, the RSI reading for the S&P 500 is currently 29.8.

A bullish investor could look at FNDX's 29.0 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), FNDX's low point in its 52 week range is $48.5102 per share, with $60.2857 as the 52 week high point — that compares with a last trade of $48.60. FNDX shares are currently trading off about 2% on the day.

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