Shares of ARKW Now Oversold
Technical Analysis Channel Staff - Tuesday, November 18, 11:21 AM

In trading on Tuesday, shares of the ARK Next Generation Internet ETF (ARKW) entered into oversold territory, changing hands as low as $146.71 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 ARK Next Generation Internet, the RSI reading has hit 29.95 — by comparison, the RSI reading for the S&P 500 is currently 38.4.

A bullish investor could look at ARKW's 29.95 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), ARKW's low point in its 52 week range is $78.62 per share, with $183 as the 52 week high point — that compares with a last trade of $147.84. ARK Next Generation Internet shares are currently trading down about 1.6% on the day.

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