SPDR Portfolio Intermediate Term Corporate Bond ETF Hits Oversold Mark
On Thursday, shares of the SPDR Portfolio Intermediate Term Corporate Bond ETF (Symbol: SPIB) reached an oversold status, trading as low as $33 per share. The concept of “oversold” is determined using the Relative Strength Index (RSI), a technical analysis tool that measures momentum on a scale from zero to 100. Typically, a stock is regarded as oversold if its RSI drops below 30.
For SPIB, the RSI reading stands at 28.8, in contrast to the S&P 500’s current RSI of 46.9. A bullish investor may interpret SPIB’s 28.8 rating as an indication that significant selling pressure could be waning, signaling a potential entry point for buying opportunities.
Analyzing SPIB’s one-year performance (see chart below), the ETF’s lowest price in its 52-week range is $31.02, with a high of $33.8599. The latest trade for SPIB was $33.03, representing a slight decline of about 0.2% for the day.
Discover other oversold stocks worth watching »
Related Information:
- PYPY Videos
- Funds Holding ERC
- IFEU market cap history
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
