JTEK Crowded With Sellers
Technical Analysis Channel Staff - Wednesday, February 4, 5:20 PM

In trading on Wednesday, shares of the JP Morgan US Tech Leaders ETF (JTEK) entered into oversold territory, changing hands as low as $80.60 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 JP Morgan US Tech Leaders, the RSI reading has hit 28.7 — by comparison, the RSI reading for the S&P 500 is currently 52.5.

A bullish investor could look at JTEK's 28.7 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), JTEK's low point in its 52 week range is $56.40 per share, with $97.86 as the 52 week high point — that compares with a last trade of $81.87. JP Morgan US Tech Leaders shares are currently trading off about 4.2% on the day.

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