Investors Eye Potential Buying Opportunities as RSI Hits 29.6
In trading on Tuesday, shares of the iShares MSCI Intl Quality Factor ETF (Symbol: IQLT) dropped to $38.285 per share, marking the entry into oversold territory. Oversold conditions are identified using the Relative Strength Index (RSI), a tool that measures market momentum from zero to 100. A stock is generally considered oversold when its RSI reading falls below 30.
For IQLT, the RSI registered at 29.6, while the S&P 500 boasts a much stronger RSI of 67.9.
This lower RSI reading may signal to bullish investors that the recent heavy selling pressure is nearing its end, presenting possible entry points for buying.
Examining the chart of IQLT’s one-year performance, the ETF has seen a low of $33.92 per share and a high of $41.93 over the past 52 weeks, compared to its latest trading price of $38.29. Currently, shares of the iShares MSCI Intl Quality Factor are down approximately 1.8% for the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
