iShares iBoxx $ Investment Grade Corporate Bond Getting Very Oversold
Technical Analysis Channel Staff - Tuesday, April 16, 1:22 PM

In trading on Tuesday, shares of the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) entered into oversold territory, changing hands as low as $104.18 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 iBoxx $ Investment Grade Corporate Bond, the RSI reading has hit 28.8 — by comparison, the RSI reading for the S&P 500 is currently 38.6.

A bullish investor could look at LQD's 28.8 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), LQD's low point in its 52 week range is $98.24 per share, with $111.40 as the 52 week high point — that compares with a last trade of $104.43. iShares iBoxx $ Investment Grade Corporate Bond shares are currently trading down about 0.6% on the day.

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