SPDR Portfolio Mortgage Backed Bond ETF Hits Oversold Levels
On Tuesday, shares of the SPDR Portfolio Mortgage Backed Bond ETF (Symbol: SPMB) reached an oversold status, trading as low as $21.6794 each. The concept of oversold status is defined using the Relative Strength Index (RSI), which measures price momentum on a scale from zero to 100. An asset is deemed oversold when its RSI reading drops below 30.
Currently, SPMB’s RSI sits at 28.3, suggesting significant selling pressure. For comparison, the S&P 500’s RSI is at a more stable 49.6.
For bullish investors, the 28.3 RSI reading may signal that the selling trend is nearing exhaustion, prompting them to consider entry points for potential purchases.
Examining the one-year performance chart (below), SPMB has a low of $20.5899 and a high of $22.7563 in its 52-week range, with the recent trading price at $21.68. Currently, SPDR Portfolio Mortgage Backed Bond shares are off by approximately 0.3% on the day.
Free Report: Top 8%+ Dividends (paid monthly)
Discover 9 other oversold stocks to watch »
Also see:
- High Dividend Stocks
- PTN Videos
- MODN Stock Predictions
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
