IWY Crowded With Sellers
Technical Analysis Channel Staff - Thursday, September 29, 11:01 AM

In trading on Thursday, shares of the IWY ETF (IWY) entered into oversold territory, changing hands as low as $121.31 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 IWY, the RSI reading has hit 25.8 — by comparison, the RSI reading for the S&P 500 is currently 27.1.

A bullish investor could look at IWY's 25.8 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), IWY's low point in its 52 week range is $119.11 per share, with $176.10 as the 52 week high point — that compares with a last trade of $121.44. IWY shares are currently trading down about 2.6% on the day.

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